Trade Resources Economy US August Exports Increased 4.1 Percent From Their July Level

US August Exports Increased 4.1 Percent From Their July Level

According to the American Institute for International Steel (AIIS), August exports increased 4.1 percent from their July level to total 1.05 million net tons. Exports had fallen 3.3 percent in July, after being nearly unchanged in June and dipping 4.1 percent in May. Despite the increase, steel exports were still 8.6 percent below what they were in August 2013.

Exports to Canada accounted for nearly the entire increase in August, as they expanded 7.5 percent to 577,071 net tons, while sales to Mexico were down 1.6 percent to 360,778 net tons. The Canada total, though, was 1 percent below the August 2013 level, while the Mexico number was 3.9 percent higher. Exports to the European Union were up 15.4 percent to 30,774 net tons, almost exactly where they were a year earlier.

For the year, exports are down 6.9 percent to 8.12 million net tons, with a 4.4 percent drop in sales to Canada and sharp decreases in exports to several Latin American countries driving the decline. Exports to the Dominican Republic, Panama, Peru, Colombia and Ecuador dropped a total of nearly 300,000 net tons. Also, exports to the European Union were down 15.5 percent to 229,674 net tons. Partially offsetting the drops, exports to Mexico were up 2.8 percent to 2.78 million net tons and exports to Venezuela nearly doubled to 45,895 net tons.

According to AIIS, the export numbers demonstrate the power of free trade. While overall exports were down nearly 7 percent for the first eight months of the year, exports to the US’ two North American Free Trade Agreement (NAFTA) partners – Canada and Mexico – slipped just 1.7 percent. If not for the absence of many restrictions on trade with our immediate neighbors to the north and south, steel exports could be much smaller than they are, AIIS said.

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US Steel Exports Increase in August From July
Topics: Metallurgy