AIIS: U.S. Steel Exports Dip in July, Down 6.6% for 2014
09/09/2014 - U.S. steel exports continued to trend downward in July, slipping 3.3% to just over 1 million tons, the American Institute for International Steel (AIIS) reported.
While exports to Canada were virtually unchanged from June to July at 536,892 tons, and the amount of steel sent to Mexico increased 7.4% to 366,732 tons, exports to most of the United States' minor trading partners were down. Brazil accounted for more than 40% of the overall decrease, with steel exports to that country dropping nearly 73% to 5,406 tons. The European Union brought in 26,664 tons of American steel in July, 6.3% less than a month earlier. Steel exports to most countries were also substantially lower than they were in July 2013, though Mexico was up 3.8% from a year earlier.
For the first seven months of the year, steel exports decreased 6.6% from the same period in 2013 to 7.07 million tons. Canada was down 5% to 3.77 million tons, while Mexico was up 2.7% to 2.42 million tons. Year-to-date exports to the European Union decreased 17.4% to 198,900 tons. One of the few countries that has been buying more American steel this year is Russia, with 2014 exports to that nation increasing 124% to 12,346 tons. That trend took a hit in July, though, as exports to Russia dipped 90% from 6.092 tons in June to 595 tons in July.
Analysts continue to say that healthy and consistent economic growth is just ahead of us and, if this is true, it would almost certainly have a positive impact on steel sales. Nearly 90% of all steel exports go to NAFTA trading partners, and a healthier American economy would likely be felt both north and south of the border. The absence of protectionist policies means that trade between the U.S., Canada, and Mexico is shaped by market forces. If and when the market strengthens, and businesses gain confidence that the quarter-to-quarter volatility that we have seen so far this year is unlikely to repeat itself, steel exports will likely grow stronger, as well.
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.
For the first seven months of the year, steel exports decreased 6.6% from the same period in 2013 to 7.07 million tons. Canada was down 5% to 3.77 million tons, while Mexico was up 2.7% to 2.42 million tons. Year-to-date exports to the European Union decreased 17.4% to 198,900 tons. One of the few countries that has been buying more American steel this year is Russia, with 2014 exports to that nation increasing 124% to 12,346 tons. That trend took a hit in July, though, as exports to Russia dipped 90% from 6.092 tons in June to 595 tons in July.
Analysts continue to say that healthy and consistent economic growth is just ahead of us and, if this is true, it would almost certainly have a positive impact on steel sales. Nearly 90% of all steel exports go to NAFTA trading partners, and a healthier American economy would likely be felt both north and south of the border. The absence of protectionist policies means that trade between the U.S., Canada, and Mexico is shaped by market forces. If and when the market strengthens, and businesses gain confidence that the quarter-to-quarter volatility that we have seen so far this year is unlikely to repeat itself, steel exports will likely grow stronger, as well.
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.
