News

Ag equipment exports declined last year

Falling commodity prices and declining farm income around the world credited with a drop in farm equipment exports last year. Citing U.S. Department of Commerce data, the Association of Equipment Manufacturers says U.S. agricultural equipment exports totaled $8.5 billion in 2014 down more than 29 percent from 2013.

Exports to Canada, our biggest customer totaled $2.6 billion down 38 percent from the previous year. Sales to Mexico slipped nearly 7 percent to $920 million.  European purchases dropped nearly 31 percent to $1.95 billion.  Sales to South America fell nearly 19 percent, and Asian purchases plunged nearly 35 percent.

 

Global new tractor sales are estimated at 2.1 million in 2014, down 3 percent from 2013. China and India accounted for about half of all the new tractors sold last year.  India bought 592,000 units, down four percent from the previous year while Chinese sales were even with the previous year at 524,000 units.  Thanks to strong sales early in the year, U.S. sales were up three percent at 208,000 tractors.  Sales to Turkey increased 12 percent to 58,500.

The biggest declines were in Brazil and Japan, each declined 15 percent from 2013. European sales fell eight percent to 106,500 including a 22 percent drop in France.

Expectations are sales will decline another five percent in 2015 due to weaker demand in North America and Europe.

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