The CPA Domestic Market Share Index (DMSI) is a new indicator that measures the success of U.S. manufacturing producers in the U.S. home market. The U.S. market for manufactured goods, worth over $7 trillion last year, is the world’s largest. Since 2002, when current government data series became available, U.S. producers have lost 10 percentage points of market share to imports, worth around $700 billion of goods at today’s prices (roughly the GDP of Saudi Arabia). This decline in U.S. manufacturing production means the loss of millions of jobs, thousands of factories and other facilities, and in some cases the loss of complete industries and the knowhow and technology that went with it.

The success of the U.S. manufacturing sector depends on the ability of U.S. producers to win share in the U.S. market. The DMSI is the first index that measures this performance directly, on a quarterly and annual basis. It is calculated entirely from federal government data. The graph below shows that the annual DMSI has fallen from 77.3 in 2002 to 64.9 last year. In 2022 Q1, U.S. producers held 64.9% of the U.S. market and importers held 35.1%. The import share rose by more than 10 percentage points in 19 years.

We also calculate a DMSI for each of the 19 manufacturing sub-sectors to see sub-sector performance compared with import penetration. For example, in the Computer and Electronics sub-sector, the U.S. producer share has fallen below 20%, meaning over 80% of U.S. supply of these vital products comes from imports. Finally, we report import penetration in U.S. consumption of manufactured goods by source nation, where China continues to dominate, followed by the European Union and Mexico.

 

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