The aerospace industry trade balance in the US showed considerable fluctuations over the past decade. The trade balance increased steadily from 2013 to 2016, peaking at 86.99 billion USD in 2016, but subsequently faced a downturn with a significant drop in 2020. The recovery started around 2021 and by 2023, the trade balance stood at 76.78 billion USD. Year-on-year variations ranged from a robust increase of 10% in 2016 to a substantial decline of over 50% in 2020. Over the last five years, the trade balance demonstrated a negative compound annual growth rate (CAGR) of -2.1%, indicating a volatile period impacted by external factors, possibly including geopolitical tensions and the pandemic.
Future trends to watch for:
- Stable growth forecast with a 5-year CAGR of 0.81% and an expected value reaching 80.79 billion USD by 2028.
- Advancements in aerospace technology and resurgence in global air travel demand could bolster trade balance.
- Potential supply chain disruptions and policy changes might affect industry performance.