Despite a decline of 23% in the final quarter of the year, U.S. plastic exports increased by 6.7% in 2008 and eclipsed $50 billion for the first time ever, according to the latest international trade statistics for the plastics industry, which are summarized in a new report from the Society of the Plastics Industry (SPI; Washington, DC).

Exports during the fourth quarter of 2008 were off 23% from the prior quarter and 12% from the same quarter in 2007, but for the year, they exceeded $51 billion and accounted for approximately 4.4% of all U.S. exports. An overall trade surplus in plastics was not only maintained but expanded, as imports increased, but by only 3.0%, to just under $39 billion. The overall plastics trade surplus grew by nearly 20% from $10.9 billion in 2007 to $13.0 billion in 2008. Much of that surplus resulted from $18.4 billion in resins and raw material exports.