Several equipment categories grew by more than 5% in 2003 including inspecting detecting and checkweighing (+8.4%); coding dating printing marking stamping and imprinting (+8.1%); labeling (+5.6%); and form/fill/seal bag/pouch (+5.3%). Of the 16 defined types of packaging machinery detailed in the report 12 experienced sales gains.
The study revealed that exports of U.S. packaging machinery jumped 33.1% in 2003 hitting $952 million the highest sales total in five years. Domestic sales declined 3.8% for the year but a record backlog of $1.3 billion in orders reflected positive influences in the economy according to PMMI. The backlog figure jumped 23.6% from 2002.
The study forecasts cumulative annual growth of 3.9% from 2004 to 2006 when machinery shipments are predicted to reach $5.491 billion. Behind the growth are the following factors:
• An increase in Gross Domestic Product of 4% to 4.3% this year 3% to 3.5% next year and 4.2% to 4.6% in 2006.
• Capacity utilization rising to 76% this year with the food segment cited as a key indicator for the machinery market up to 81.7%.
• A favorable U.S. dollar exchange rate and improved global economic conditions providing U.S. manufacturers with a favorable export environment.
A copy of the study’s Executive Summary is available at www.pmmi.org. The complete study is available for $2 by contacting Paula Feldman PMMI’s director of statistics at 703/243-8555 or [email protected].