A new bulletin from the Aerospace Industries Association has revealed that the U.S. aerospace and defense industry marked its fifth year straight of gains in 2016, reported CNBC.
Setting a record for international sales, the sector secured a total of $146 billion in exports last year. The surplus of the faction – $90.3 billion – was the biggest trade positive balance of all industries across the country.
Sales to the Middle East and Europe both increased last year by 22.3 and 12.6 percent, respectively. The majority of exports were related to civil aerospace such as engines, parts and aircraft.
In other record-breaking aerospace news, the highest-ever number of U.S. aerospace suppliers and manufacturing companies will be present and exhibiting at Avalon 2017, reported Aerospace Manufacturing and Design magazine.
Over 80 companies from around the country, representing more than 20 states, will be showcasing their products at the Australian International Aerospace & Defence Exposition, Avalon, this year.
According to the source, the defense market in Australia is expanding at a more rapid pace than anywhere else around the globe and as such, U.S. aerospace and defense aims to gain traction there.
The event runs from Feb. 28 to March 5 in Geelong, Australia.