Press release submitted on behalf of Plastics Industry Association
The Plastics Industry Association (PLASTICS), Houston, Texas, released its annual Global Trends report during the Association’s inaugural National Plastics Conference in Houston, Texas. The report notes a U.S. plastics trade surplus after a three-year deficit.
“Plastics manufacturing is a global industry, and the over $1.5 trillion trade volume between countries in 2023, as highlighted in the Global Trends report, clearly demonstrates the industry’s capacity to meet global consumer demand across various end markets, including healthcare, transportation, construction, and consumer goods,” said PLASTICS Chief Economist, Dr. Perc Pineda.
“The U.S. plastics industry’s position as a leader in the global plastics trade underscores the essential role of plastics and its importance across multiple industries,” said PLASTICS President and CEO, Matt Seaholm. “Our members are consistently innovating and investing in new technologies to enhance sustainability and efficiency while continuing to supply critical materials that improve lives worldwide.”
Among the highlights found in the Global Trends report:
• The U.S. plastics industry’s trade balance turned positive in 2023, with a $958 million surplus.
• The U.S. resin industry had a $23.8 billion surplus in 2023, up 3.3% from the $23.0 billion surplus in 2022.
• China was the industry’s third largest export market in 2023, with exports totaling $7.3B, a 6.3% increase from 2022. However, the U.S. plastics industry had its largest trade deficit with China—$11.4 billion in 2023, down from $16.5 billion in 2022.
• Mexico and Canada remained the largest export markets for the U.S. plastics industry in 2023, with exports totaling $19.5 billion to Mexico and $14.4 billion to Canada.
Interested parties will find the Global Trends report and its accompanying dataset provide a uniquely comprehensive account of U.S. plastics exports and imports worldwide in each of the four categories of the plastics industry – resin, products, machinery and molds. The report is also the only plastics trade report that includes trade analysis outlining the movement of resins and plastics that are embedded in goods that the U.S. both exports and imports.
An executive summary and the full PLASTICS’ Global Trends report are available to Plastics Industry Association members online at:
https://www.plasticsindustry.org/data-report/global-trends-2024/
The Plastics Industry Association (PLASTICS) is the only organization that supports the entire plastics supply chain, including Equipment Suppliers, Material Suppliers, Processors, and Recyclers, representing over one million workers in our $519 billion U.S. industry. PLASTICS advances the priorities of our members who are dedicated to investing in technologies that improve capabilities and advances in recycling and sustainability and providing essential products that allow for the protection and safety of our lives. Since 1937, PLASTICS has been working to make its members, and the eighth largest U.S. manufacturing industry, more globally competitive while supporting circularity through educational initiatives, industry-leading insights and events, convening opportunities and policy advocacy, including the largest plastics trade show in the Americas, NPE: The Plastics Show.
