When exports of construction machinery from the U.S. dropped by more than a third due to the global economic slump in 2009, shipments of such equipment to India jumped up 55 per cent, Association of Equipment Manufacturers (AEM) has said.
In 2009, India imported construction machinery worth $181 million, up 55 per cent over 2008, making it the US’ top 14th export destination for the equipment, AEM said.
India is the only country in the US’ 15 construction machinery export destinations to have registered an increase in 2009.
U.S. construction equipment exports dropped more than 38 per cent in 2009 compared to the previous year.
“Exports have literally been a lifeline for the construction equipment industry, which saw U.S. business plummet more than 40 per cent last year and unemployment soar to more than double the national average,” AEM President Dennis Slater said.
According to AEM, construction machinery exports declined 29 per cent in 2009 to South America, 34 per cent to Central America and 35 per cent to Asia.
Such exports to Europe declined 51 per cent to $1.5 billion in 2009, and by 41 per cent to Canada at $3.7 billion in 2009.
Africa imported 29 per cent less construction machinery from the U.S. worth $986 million in 2009, while exports to Australia/Oceania decreased 46 per cent to $962 million for the year
Source : The Hindu