Industries with the Biggest Decline in Imports in the US in 2023

1. ATV Manufacturing in the US

Decline in Imports for 2023: -22.4%

Over the five years to 2022, revenue for the ATV Manufacturing industry is expected to decrease slightly. Improving economic conditions in recent years have supported the industry, but not enough to offset losses amid the decline in spending due the COVID-19 (coronavirus) pandemic. All-terrain vehicles (ATVs) are four-wheeled vehicles equipped with wide tires that have a deep tread suitable for various conditions and terrains. Industry operators manufacture ATVs for recreational and utility purposes, in addition to associated vehicle parts. Since ATVs are primarily a discretionary purchase, industry revenue tends to be cyclical in nature. As a result, sales typically ebb... Learn More

2. BBQ Sauce Production in the US

Decline in Imports for 2023: -17.7%

The BBQ Sauce Production industry makes liquid or dry seasonings and flavorings for use on barbecued meat, vegetables and other foods. The variety of dishes that use the sauce largely protects the industry from economic fluctuations. As the popularity of organic foods grows in the United States, barbecue sauce producers are adapting to meet demand for all-natural ingredients. Additionally, TV shows are showcasing barbecue competitions that advertise for the industry. Moreover, US economic conditions improved over much of the five-year period to 2022, enabling more people to purchase grills for barbecuing. Moreover, in 2020, outdoor cooking and grilling boomed amid... Learn More

3. Bioplastics Manufacturing in the US

Decline in Imports for 2023: -17.0%

During the current period, concerns over the future of petroleum-based plastics supported demand for recyclable and sustainable bioplastics. Volatility in the world price of crude oil influenced major plastics producers to search for an alternative. Despite oil price volatility, bioplastics still remain more expensive than petro-based products. Overall, revenue has been falling at a CAGR of 1.5% to $1.1 billion over the past five years, including an expected jump of 1.2% in 2023 alone. Profit is also expected to slump to 4.9% of revenue in 2023 from 7.6% in 2018.

Rising environmental awareness has encouraged the government and large companies to... Learn More

4. Men's & Boys' Apparel Manufacturing in the US

Decline in Imports for 2023: -16.3%

Demand for Men's and Boys' apparel manufacturing is derived from downstream markets as well as trade conditions. Trade issues presented the industry with a tough road during the five-year period, beginning with the trade war in 2019 between the US and China, which led to messy trade relations, hindering industry exports. The trade war was preceded by COVID-19 and the related disruptions that ensued in 2020, further depressing exports and hindering revenue. To contend with the high level of competition from foreign manufacturers, players in the industry must offshore their manufacturing process to utilize the cheaper labor costs. Falling at... Learn More

5. Surgical Apparel Manufacturing in the US

Decline in Imports for 2023: -16.2%

The Surgical Apparel Manufacturing industry is expected to decline over the five years to 2021. Industry products are used to prevent contamination during surgery. Therefore, demand for surgical apparel is directly linked to the number of surgeries performed. While the aging baby boomer population and obesity epidemic have translated to an increasing number of surgeries, these trends are predominantly reliant on gradual demographic shifts and have not substantially grown over the past five years. However, legislative reforms, such as the Patient Protection and Affordable Care Act (PPACA), have expanded the number of insured individuals that can afford surgical procedures during... Learn More

6. Iron & Steel Manufacturing in the US

Decline in Imports for 2023: -13.0%

Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by the fluctuating price of steel, which has become more volatile since the beginning of COVID-19. As input prices are highly volatile, the average profit margin varies yearly. COVID resulted in losses across multiple downstream markets, including vehicles, construction and containers, as consumer confidence fell. Some trends have spilled over to 2023, as inflationary fears placed pressure on consumers and companies.

Revenue for manufacturers follows a variety of factors,... Learn More

7. Headphone Manufacturing in the US

Decline in Imports for 2023: -13.0%

Demand for the Headphone Manufacturing industry has grown significantly over the five years to 2021, as the industry has been able to counter high import penetration through increased investment in premium products and a rapid expansion in the market for Bluetooth wireless headphones. Additionally, the rising direct and hidden costs of producing in China have incentivized many small- and mid-sized companies that design and market headphones to source products from the United States. Additionally, the unique conditions associated with the COVID-19 (coronavirus) pandemic have boosted demand for headphones. Consequently, IBISWorld expects industry revenue to rise at an annualized rate of... Learn More

8. Athletic & Sporting Goods Manufacturing in the US

Decline in Imports for 2023: -12.4%

Over the next five years, the Athletic and Sporting Goods Manufacturing industry's performance was bolstered by rising disposable income, in addition to robust demand for athletic and sporting goods following the COVID-19 pandemic. Nonetheless, greater industry growth has been hampered by sustained import competition, with imports comprising 55.0% of domestic demand in 2023. Health consciousness has also fallen in the United States over the past five years, hindering industry manufacturers that provide equipment that requires exercise. Additionally, the amount of time consumers spend on technology has risen during the period, limiting the amount of time individuals participate in activities like... Learn More

9. Battery Manufacturing in the US

Decline in Imports for 2023: -11.5%

Battery manufacturers produce storage batteries, which are also known as secondary or rechargeable batteries; and primary batteries, which are nonrechargeable. Battery products have a variety of uses in cell phones, medical equipment, households and the automotive and transport sectors. Substantial research and development expenditure has dampened revenue expansion despite boosting exports and consumer spending between 2017 and 2019. COVID-19, however, has hurt consumer spending, pressured exports and disrupted supply chains, resulting in revenue dipping 8.0% in 2020. As demand for electric vehicles (EV) has strengthened, demand for lithium-ion battery packs has swelled in tandem. In response, battery manufacturers have accepted... Learn More

10. Women’s, Girls’ and Infants’ Apparel Manufacturing in the US

Decline in Imports for 2023: -10.6%

The Women's, Girls' and Infants' Apparel Manufacturing industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of industry operators have caused revenue to decrease over the five years to 2023. Largely as a result of overwhelming import competition, industry revenue fell an annualized 2.9% to $3.2 billion over the five years to 2023, including an increase of 0.7% in 2023. Labor costs are significantly lower in developing countries and automation for apparel manufacturing is somewhat limited. As a result, most companies have moved overseas and domestic operators satisfy a relatively... Learn More