Author: Tronserve admin
Friday 30th July 2021 05:54 AM
U.S. Manufacturing Technology Orders Fell 15% Last November to $320 Million
According to the latest report from the Association for Manufacturing Technology, the Pending China trade deal and anticipated approval of the revamped NAFTA (USMCA) should see the manufacturing technology market pick up in the second half of 2020.
For the first 11 months in 2019, manufacturing technology orders were $4.1 billion, down 19 percent from $5 billion in 2018 which was an especially strong year.
“This figure is in line with expectations we’ve had since January that 2019 spending would be about 20 percent lower than in 2018,” said Douglas K. Woods, president of AMT. “Given how strong a year 2018 was, current dollar volumes are still healthy compared to the average over the past ten years.”
According to the AMT report, tax reforms enacted in 2017 established a clear set of rules on tax incentives through 2022 creating a stability that has leveled investments in capital equipment across the year and eliminated the year-end rush to place orders.
U.S.-China trade deal is expected to significantly increase Chinese imports of U.S. agricultural products leading to increased investment for agriculture equipment.
On December 19, 2019 the U.S House of Representatives, in a rare show of bi-partisanship, overwhelmingly approved the USMCA (United States, Mexico, Canada Agreement) with a vote of 385 to 41, where it will now move to the Senate for full ratification. Mexico has already ratified the deal with Canada expected to follow the U.S. Senate’s vote.
It is believed that adoption of the USMCA will increase trade throughout North America leading to new investments in key capital-intensive industries.
The Association For Manufacturing Technology represents U.S.-based providers of manufacturing technology – the advanced machinery, devices, and digital equipment that U.S. manufacturing relies on to be productive, innovative, and competitive. Located in McLean, VA, near the nation’s capital, AMT acts as the industry’s voice to speed the pace of innovation, increase global competitiveness, and develop manufacturing’s advanced workforce of tomorrow.