Industries with the Biggest Decline in Imports in the US in 2024

1. Headphone Manufacturing in the US

Decline in Imports for 2024: -42.3%

The Headphone Manufacturing industry has grown considerably. Although competition from imports remains high, the industry has benefited from many technological developments sustaining demand for higher-quality domestic products, boosting exports. While foreign manufacturers win over price-sensitive consumers, domestic manufacturers can specialize in higher-end headphones, like Bluetooth-enabled and higher sound-quality headphones. In particular, rapid growth in the Bluetooth headphones product segment has benefited the industry, as many consumer electronics products offer wireless capabilities. Also, niche markets like gaming and luxury headphones have enabled certain companies to specialize in various headphones. Overall, industry-wide revenue has been increasing at a CAGR of 12.1% over... Learn More

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

Decline in Imports for 2024: -32.7%

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

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

Decline in Imports for 2024: -24.4%

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

4. Lithium Battery Manufacturing in the US

Decline in Imports for 2024: -19.4%

Lithium battery manufacturers produce batteries for a variety of purposes including vehicles, mobile phones and other consumer electronics. The rapid rise of electric vehicles (EVs) has bolstered manufacturers, as consumer preference has steadily shifted away from gasoline-powered vehicles. This rise includes an agreement between Panasonic, a leading producer of lithium batteries, and the electric automaker Tesla to mass produce advanced lithium batteries. But this industry is highly globalized, with imports accounting for the majority of domestic demand. Less expensive labor both for upstream suppliers of input materials and for lithium battery manufacturers themselves combined with inexpensive shipping costs have incentivized... Learn More

5. Commercial Cooking Equipment Manufacturing in the US

Decline in Imports for 2024: -16.9%

The Commercial Cooking Equipment Manufacturing industry has grown, despite volatility in recent years. Through 2019, rising consumer spending, spurred by greater per capita disposable income and increased aggregate private investment, supported downstream demand. As consumers spent more on dining experiences, restaurants and other food-service companies invested in commercial cooking equipment to fulfill demand and adapt to the evolution of the restaurant industry. However, the COVID-19 pandemic injected volatility into the industry, as downstream demand dissipated in 2020 amidst widespread shutdown to stem the spread of the pandemic. Consumers have since returned to restaurants as the pandemic has abated, while downstream... Learn More

6. Table Salt Production in the US

Decline in Imports for 2024: -13.6%

Revenue for the Table Salt Production industry has grown slowly over the five years to 2022, as consumers have become increasingly more health conscious and have attempted to mitigate their sodium intake. Over the five years to 2022, industry revenue is expected to increase at an annualized rate of 0.4% to $234.4 million. Moreover, the consumption of table salt is estimated to have boomed amid the COVID-19 (coronavirus) pandemic compared with prior years due to a significant rise in exports. Demand is expected to continue increasing as government restrictions ease and restaurants reopen. As a result, industry revenue is expected... Learn More

7. Audio & Video Equipment Manufacturing in the US

Decline in Imports for 2024: -13.3%

Volatile returns for audio and video equipment manufacturing are in part due to supply chain inefficiencies, global chip shortages and poor macroeconomic conditions associated with COVID-19. These have all challenged the industry's growth during the period. Despite this situation, industry-wide revenue has taken a step forward at a CAGR of 0.6% to $4.0 billion over the past five years, including a 4.3% decrease in 2023.

Domestic operators have focused on cost-cutting strategies and product differentiation to better compete with competitors. For example, Samsung holds the majority of its manufacturing operations in countries with lower labor costs, resulting in sustained profit. Due... Learn More

8. Motorcycle, Bike & Parts Manufacturing in the US

Decline in Imports for 2024: -12.1%

Motorcycle, bike and parts manufacturers produce a variety of two-wheeled rides and parts, including on-highway, off-highway and dual motorcycles, in addition to scooters and bicycles. While these vehicles offer transportation, they are largely used for enjoyment and exercise, making them discretionary purchases for most consumers. As disposable income fell during COVID-19, demand also plummeted. Even as the economy recovered following the end of COVID disruptions, manufacturers still struggled as high input costs drove down profit. Larger manufacturers were able to capitalize on the struggles of their smaller competitors and seize a larger share of the market. These trends led revenue... Learn More

9. Chicken Egg Production in the US

Decline in Imports for 2024: -11.1%

Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More

10. Medical Adhesives & Sealants Manufacturing in the US

Decline in Imports for 2024: -11.0%

The Medical Adhesives and Sealants Manufacturing industry is made up of companies that manufacture glues and other adhesives used for sealing wounds, repairing ligaments and other medical purposes. Industry products compete with traditional bandages, stitches and other medical supplies. Typically, one of the most significant determinants of demand for medical supplies like these is price. Hospitals will likely choose stitches for sealing a wound if that will be more affordable than a medical adhesive. As a result, industry revenue can be volatile depending on the volatility of input costs. In recent years, industry purchases costs have shifted significantly, creating revenue... Learn More