U.S. Explosive Exports

In 2023, shipments abroad of explosives decreased by -22.2% to 32K tons, falling for the second year in a row after two years of growth. In general, exports continue to indicate a noticeable curtailment. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. Over the period under review, the exports hit record highs at 53K tons in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

In value terms, explosive exports reached $521M (IndexBox estimates) in 2023. Over the period under review, exports continue to indicate a perceptible decrease. The pace of growth was the most pronounced in 2021 when exports increased by 13%. Over the period under review, the exports hit record highs at $770M in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Canada (21K tons) was the main destination for explosive exports from the United States, with a 65% share of total exports. Moreover, explosive exports to Canada exceeded the volume sent to the second major destination, South Korea (2.4K tons), ninefold. The third position in this ranking was taken by Australia (976 tons), with a 3% share.

From 2013 to 2023, the average annual growth rate of volume to Canada stood at -6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+17.3% per year) and Australia (+0.7% per year).

In value terms, the largest markets for explosive exported from the United States were Canada ($112M), Mexico ($62M) and South Korea ($24M), with a combined 38% share of total exports.

South Korea, with a CAGR of +9.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the explosive price amounted to $16,074 per ton (FOB, US), surging by 45% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. Over the period under review, the average export prices hit record highs at $17,027 per ton in 2019; however, from 2020 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Mexico ($65,212 per ton), while the average price for exports to Canada ($5,317 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+3.7%), while the prices for the other major destinations experienced a decline.

Source: IndexBox Market Intelligence Platform

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