According to the Global Trends Report released by the Plastics Industries Association (PLASTICS) at the K 2025 trade fair in Düsseldorf, Germany, the U.S. plastics industry traded $154.3 billion in 2024, but this represents a shift from a trade surplus in 2023 to a deficit of $2.1 billion.
This shift stemmed from a 6.9% surge in imports, while exports grew by only 2.9%. Resins were the only sector to achieve a trade surplus, reaching $23.7 billion in 2024, the same as in 2023, with exports at $42.6 billion.
“The U.S. plastics industry has always been a core driver of manufacturing and global economic development. According to our annual Global Plastics Industry Ranking report, the U.S. ranks second in the world in terms of plastics trade volume,” emphasized Perth Pineda, chief economist for the plastics industry. “With a $23.7 billion resin trade surplus, the U.S. continues to supply the world with critical raw materials that are powerfully driving innovation, production, and growth across industries.”
Trade deficits were observed in machinery, molds, and plastic products.
The plastics machinery trade deficit reached $2.3 billion, widening from $2.1 billion in 2023, with exports reaching $1.1 billion in 2024. The report noted a sharp 17.3% drop in exports and a 1.3% decrease in imports. The industry achieved its largest surplus with Mexico ($239 million) and its largest deficit with Germany ($913 million).
The report shows that apparent consumption of plastic machinery fell by 6.1% from $6.4 billion in 2023 to $6 billion in 2024; while domestic shipments declined by 13.5%. In the apparent consumption market in 2024, U.S. machinery manufacturers accounted for 42.9% of the market, down from 45.6% in 2023.
In the first half of 2025, exports of plastic machinery decreased by 13% year-on-year, while imports increased by 4.5%, leading to a 13.1% widening of the machinery trade deficit. The report points out: "The industry is affected by the uncertainty of tariff policies, and there may be a trend of companies importing more machinery and equipment and parts in advance in response to anticipated tariff increases."
The U.S. mold manufacturing trade deficit was $1.3 billion in 2024, down from $1.5 billion in 2023. Exports decreased by 9%, and imports decreased by 10.5%. Apparent consumption of plastic molds fell by 7.4% to $4 billion in 2024, down from $4.4 billion in 2023. However, the market share of U.S. mold manufacturers increased from 52.6% in 2023 to 54.2% in 2024.
In the first half of 2025, mold exports declined by 13.8%, while imports increased by 6.7%, leading to a 15.3% widening of the mold trade deficit. The report notes that these figures "may reflect a demand driven by tariffs to bring molds back to the domestic market to support growth in the U.S. plastics manufacturing industry."
In 2024, the export value of plastic products reached US$31.9 billion.
Mexico and Canada remain the largest export markets, with the United States exporting $19.8 billion to Mexico and $14.3 billion to Canada. The US achieved a trade surplus of $11.6 billion with Mexico, a record high for the industry.
As the third largest export market, China accounted for $7.3 billion of U.S. exports (the same as in 2023), but China was also the largest source of the trade deficit, amounting to $12.4 billion.
Matt Siholm, president and CEO of the American Plastics Association, stated, “The U.S. plastics industry’s leading position in global trade underscores not only the importance of plastic materials but also their broad influence within the economic system. Our member companies continue to drive technological innovation, increase investment, and promote advanced technologies, providing critical material support for efficient industry operations and community prosperity while enhancing sustainability and productivity.”
Looking ahead, the report authors point out that high interest rates and trade policy uncertainty will impact the industry, and specifically mention the surge in imports due to anticipated tariffs.
The executive summary states: "Trade in the U.S. plastics industry is highly correlated with overall manufacturing trade. The authors predict that after a trade surplus in the plastics industry in 2023, it will turn into a deficit in 2024, but will gradually improve between 2025 and 2030, potentially reaching a trade surplus of $2.5 billion by 2030." "For decades, U.S. manufacturers' market share in the domestic market has been steadily eroded by imported products. This trend slowed somewhat in 2021 but continues. As of 2024, repatriation efforts have not yet yielded quantifiable results. The current administration's strengthened repatriation policies may achieve some progress in the future."
