Exports of US-made agricultural equipment to Europe fell 34.7% in 2015, in comparison to 2014, the Association of Equipment Manufacturers.
There was a 16.7% decline in overall exports, with a total of $1.82 billion worth of agricultural equipment being shipped to global markets.
All world regions experienced declines, except Central America, with Europe experiencing the deepest decline. Exports to Canada dropped 16.7% and exports to South America and Asia fell 21.8% and 22.2% respectively.Australia and Africa also both decreased 16.2% and 6.3% also, AEM found.
Benjamin Duyck, AEM Director of Market Intelligence, said that this decline of 16.7% was quite steep, though less harsh than the 29% decline last quarter or the 19.3% decline in the first quarter of 2014.
As global market drivers had not changed much from last year, declines in the exports of farm equipment was expected.
A recent report by the global Agrievolution Alliance indicated that while the global business climate is expected to improve in the next six months, the current situation still indicated a clear decline in global turnover in the first quarter of 2016, though there are some regional differences.