AIIS: U.S. Steel Imports Nearly Unchanged in January
03/17/2015 - Amidst a steep jump in steel exports to one minor trading partner, and a sharp drop in shipments to another, total steel exports by the United States in January 2015 were nearly unchanged from December 2014, according to analysis from the American Institute for International Steel (AIIS).
The 925,429 tons of steel exported by the United States in January were 0.4% less than in the previous month, and almost 4% less than in January 2014. Exports to the European Union increased 30.4% from last December to 31,594 tons, which was a third more than last January’s total. That increase was more than offset, though, by an 81.5% drop in exports to Brazil, which fell to just 3,488 tons. This, however, was still more than double the January 2014 total. Those numbers, in any case, are tiny when compared to exports to the United States’ North American Free Trade Agreement (NAFTA) partners. Exports to Canada were up 2.3% in January to 480,855 tons – 9% less than a year earlier – while exports to Mexico slipped 0.8% to 337,599 tons – just over 1% higher than last January.
While numbers from minor trading partners may be interesting, the total amount of steel exported by the United States is obviously driven largely by trade within the NAFTA countries. Canada and Mexico combined account for around 90% of our steel exports, so the economies of those two countries are among the key indicators for the vitality of the United States domestic steel industry. The numbers coming into 2015 are positive, but middling: Canada posted 2.5% growth in 2014, and the Mexican economy grew at a 2.1% annual rate. While those numbers were improvements over 2013, analysts have become more pessimistic about continued forward progress,, with forecasts both north and south of the border recently revised downward. Predictions are not reality, of course, but if economic growth in Canada and Mexico this year comes in at around 2-3%, United States steel exports will probably not show significant gains.
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.
While numbers from minor trading partners may be interesting, the total amount of steel exported by the United States is obviously driven largely by trade within the NAFTA countries. Canada and Mexico combined account for around 90% of our steel exports, so the economies of those two countries are among the key indicators for the vitality of the United States domestic steel industry. The numbers coming into 2015 are positive, but middling: Canada posted 2.5% growth in 2014, and the Mexican economy grew at a 2.1% annual rate. While those numbers were improvements over 2013, analysts have become more pessimistic about continued forward progress,, with forecasts both north and south of the border recently revised downward. Predictions are not reality, of course, but if economic growth in Canada and Mexico this year comes in at around 2-3%, United States steel exports will probably not show significant gains.
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.
