AIIS: U.S. Steel Exports Decline in September
11/13/2014 - The United States’ steel exports declined slightly in September 2014, though they remained just above their level of a year earlier, the American Institute for International Steel reports.
Exports dipped 1.4% from August to 1.03 million tons. As usual, Canada and Mexico accounted for nearly 90% of all U.S. steel exports, with 557,954 tons going north of the border – a 3.3% decrease from August and a 5.8% drop from September 2013 – and 352,869 tons going south, which was down 2.2% from August but up 11.1% from a year earlier. Among other trading partners, exports to the European Union dropped 23.4% from August to 23,586 tons (down 12.1% from September 2013), while exports to Colombia increased nearly six-fold from August (and more than doubled from the previous September) to total 14,803 tons.
Steel exports are down 6% for the year, with the total through the first nine months of 2014 reaching 9.15 million tons. Year-to-date exports to Canada are down 4.6% to 4.9 million tons, while exports to Mexico are up 3.7% to 3.13 million tons. The E.U. bought 15.2% less steel from the U.S. this year – 253,260 tons. Venezuela has shown the biggest%age increase, with exports to that country rising more than 84% to 49,527 tons, while Panama has had the largest decline, a nearly 86% drop to 11,456 tons.
The reason for the downward trend in steel exports this year is hard to pin down. Economic conditions in the importing countries certainly have a big role. The International Monetary Fund, for example, has projected that among advanced economies, the weakest economic expansion in 2015 will be in the eurozone. And, of course, competition in the global market also plays a significant role. As economies around the world – especially in Canada and Mexico – strengthen, and demand for steel increases, one would expect that exports from the U.S. would grow, especially given the advantages provided by the North American Free Trade Agreement. Exports would also be helped by completion of the Transatlantic Trade and Investment Partnership negotiations, which would lower trade barriers between the U.S. and the E.U.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
Steel exports are down 6% for the year, with the total through the first nine months of 2014 reaching 9.15 million tons. Year-to-date exports to Canada are down 4.6% to 4.9 million tons, while exports to Mexico are up 3.7% to 3.13 million tons. The E.U. bought 15.2% less steel from the U.S. this year – 253,260 tons. Venezuela has shown the biggest%age increase, with exports to that country rising more than 84% to 49,527 tons, while Panama has had the largest decline, a nearly 86% drop to 11,456 tons.
The reason for the downward trend in steel exports this year is hard to pin down. Economic conditions in the importing countries certainly have a big role. The International Monetary Fund, for example, has projected that among advanced economies, the weakest economic expansion in 2015 will be in the eurozone. And, of course, competition in the global market also plays a significant role. As economies around the world – especially in Canada and Mexico – strengthen, and demand for steel increases, one would expect that exports from the U.S. would grow, especially given the advantages provided by the North American Free Trade Agreement. Exports would also be helped by completion of the Transatlantic Trade and Investment Partnership negotiations, which would lower trade barriers between the U.S. and the E.U.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
