ICT and Service Equipment: the re-acceleration of the US market during 2024
US imports in the industry up by more than EUR 25 billion in the first nine months of the year
Published by Marcello Antonioni. .
Conjuncture United States of America Export markets Foreign markets High-tech American States Foreign market analysis
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The trade data for the first 9 months of 2024, available globally in the Quarterly World Trade Datamart, allow to document the strong reacceleration of sales of ICT and Service Equipment1 on the US market.
As documented in the graph below, after a significant negative phase (with five consecutive quarters in downward trend), since the second quarter of 2024, imports from the world of ICT and Service Equipment from the United States have been able to show a robust recovery, with a third quarter of the year in upward trend of 20 percentage points year-over-year in euro values.
USA by far the leading market for global sales of ICT and Service Equipment in the first 9 months of the year
Since the beginning of the year, imports of ICT and Service Equipment from the United States have shown a year-over-year increase of over 25 billion euros, equal to +14.1 percent2. This is by far the largest contribution to global demand growth in the sector in the first 9 months of the year, preceding increases in imports from Netherlands (+3.1 billion euros), Mexico (+2.9 billion euros), Malaysia (+2.5 billion euros) and Singapore (+1.9 billion euros).
US imports of ICT and Service Equipment
The analysis of US imports of ICT and Service Equipment by reporting State (see the table below) highlights California recording by far the largest increases in the first 9 months of the year (+8.5 billion euros, equal to +19.5 percent), confirming its first place overall in terms of the value of imports in the sector.
Behind it, there are the year-over-year increases in imports of the sector of Texas (+7 billion euros, equal to 18.5 percent), in second place overall among the American states for imports of the sector in 2024, and Tennessee (+3.3 billion euros, equal to +27.2 percent), confirming its fourth place overall in the 2024 ranking of imports of the sector.
US imports of ICT and Service Equipment:
fastest-growing American States in the first 9 months of 2024
| January-September (millions €) | |||
| American State | 2023 | 2024 | Delta 24/23 |
| California | 43 601 | 52 095 | +8 494 |
|---|---|---|---|
| Texas | 37 863 | 44 883 | +7 020 |
| Tennessee | 12 031 | 15 305 | +3 274 |
| Indiana | 2 538 | 4 005 | +1 467 |
| Georgia | 6 290 | 7 446 | +1 157 |
| Illinois | 25 482 | 26 622 | +1 140 |
Source: ExportPlanning processing on Quarterly Trade of American States Datamart
It is also worth highlighting the trend increases in the first 9 months of the year for sales of ICT and Service Equipment to the States of Indiana (+1.5 billion euros, with a leap from 12th in 2023 to 9th place among the American States for absolute value in the first three quarters of 2024), Georgia (+1.2 billion euros, equal to +18.4 percent), in sixth place among the American States for imports of the sector, and - last but not least - Illinois (+1.1 billion euros, confirming its 3rd place overall among the American states for imports of the sector.
Conclusions
The analysis of world trade in ICT and Service Equipment highlights a demand outlook that is still overall uncertain, although with recent signs of reacceleration3.
In particular, the analysis of the global markets of the sector sees, above all, the restart of the US market, which in the last six months has changed gear and is driving global sales.
The analysis of the most dynamic American States in terms of imports of ICT and Service Equipment highlights, above all, the leadership of California. Other American States with notable trend increases in imports of the sector include Texas and Tennessee.
1) See the list of products included in this analysis in the following description table.
2) In particular, it is worth noting the strong year-over-year growth of US imports of computers and peripherals (+34.3%, corresponding to a y-o-y increase of over 26 billion euros).
3) In the most recent quarter (Q3-2024), global demand for ICT and Service Equipment recorded a year-over-year increase of +11.4 percent at constant prices (an acceleration compared to the +2.4 percent y-o-y in the first half of the year).
