And while medical and measuring equipment, which can include instruments for medical, surgical, dental or veterinary purposes, as well as meters and counters, are expected to make up about seven percent of U.S. export growth this year through 2015, making it the fourth biggest sector contributor to U.S. export growth, the sector is anticipated to increase its share of U.S. export growth to 10 percent in 2021 to 2030. During that decade, it will become the third largest sector contributor to overall U.S. export growth.
“China and other emerging markets are expanding their operations into new, higher value sectors, which is prompting the more developed markets, including the U.S., to specialize and diversify,” said HSBC’s Vira. “U.S. companies looking to expand globally may want investigate the resources, relationships and finances needed to maximize any potential opportunities.”
U.S. Trade Trends: Canada, Mexico, China Remain Top U.S. Trade Markets
According to the report, U.S. exports will increasingly find their way to rapidly growing consumer markets in developing economies, as growth prospects for industrialized nations remain subdued. And while U.S. exports to the United Arab Emirates, India, and Vietnam are expected to increase the most over the next several years, the top three markets for U.S. exports continue to be Canada, Mexico and China, according to the report. The first two are perennial top destinations for U.S. exports as a result of free trade agreements and proximity to the U.S. The report indicates that China’s strong role in U.S. exports and imports activity reflects some of the overall shift in global manufacturing to China over the past two decades, but also forward-looking demand from China for U.S. high valued-added products as the country’s consumption share increases.“Emerging markets are developing at a phenomenal pace and are set to reshape world trade patterns over the next 20 years,” said James Emmett, HSBC’s Global Head of Trade and Receivables Finance. “Understanding which sectors are growing in which markets, delivers huge opportunities for businesses.”