By JULIAN GARRETT Source Reuters (Reuters) – The online market for trucks and boats in the U.S. has been a key pillar of the global economy for decades, but the U .
S. truck and boat trade has been hit hard by the global financial crisis.
The trucking sector is the fourth-largest economy in the world, with a $15.6 trillion trade volume, according to the U to $2.4 trillion in goods shipped annually, according data from the U, and the fourth most valuable industry.
The boom in U.F.O. trucking has helped the industry boost its share of the U;s total trade by 40 percent in 2017, from $5.7 billion to $9.3 billion, according the American Trucking Associations.
That surge in volume has also boosted the value of the trucking companies, which generate billions of dollars in revenue.
The industry is also experiencing a surge in demand as the U is expected to surpass China as the world’s biggest buyer of trucking equipment and services this year.
Trucking is still the primary vehicle of choice for U.N. peacekeepers in the Middle East and Central Asia.
But its popularity is in decline as more and more U.K. troops return to their home country after a two-year deployment.
U.S.-based companies, such as FedEx and UPS, have been hit by the downturn in the truck market and the economic slowdown in China and India.UPS has struggled to retain customers amid declining revenue, while FedEx is struggling to maintain an international reputation for quality.
FedEx has said it is working to increase production in China, where the company has a larger share of exports than the U., but the trend has not been smooth.
The U.s. trade deficit with China has reached $5 billion in the first three months of the year, more than the $4 billion deficit with India and more than double the $3.2 billion deficit in 2017.