Institute: American Steel Exports Down in July
09/18/2015 - American-made steel exports fell by 8.1 percent in July, ending two straight months of increases, according to the American Institute for International Steel.
Citing U.S. Census Bureau numbers, the institute said exports dropped to 813,052 net tons. On a year-over-years basis, the volume was down considerably, off by nearly 20 percent, it said.
The decline was largely on account of reduced shipments to Canada, the institute said. Canada-bound exports dropped 10 percent to 400,291 net tons. Canada is America’s largest trading partner.
Exports to Canada also were down on a year-over-year basis, falling 25 percent from July 2014.
“The sharp drop in exports to Canada this year is surely related to that nation’s recession, it’s second in seven years,” the institute said in a statement.
“Canada, the world’s fifth-largest oil producing country, saw its economy shrink in both of the first two quarters of 2015, in large part due to falling oil prices. There are signs of recovery, though, and some economists are projecting growth of 3 percent in the third quarter.”
Exports to Mexico also fell between June and July, dropping 8 percent to 311,193 net tons. On a year-over-year basis, exports were down 15 percent, the institute said.
The decline was largely on account of reduced shipments to Canada, the institute said. Canada-bound exports dropped 10 percent to 400,291 net tons. Canada is America’s largest trading partner.
Exports to Canada also were down on a year-over-year basis, falling 25 percent from July 2014.
“The sharp drop in exports to Canada this year is surely related to that nation’s recession, it’s second in seven years,” the institute said in a statement.
“Canada, the world’s fifth-largest oil producing country, saw its economy shrink in both of the first two quarters of 2015, in large part due to falling oil prices. There are signs of recovery, though, and some economists are projecting growth of 3 percent in the third quarter.”
Exports to Mexico also fell between June and July, dropping 8 percent to 311,193 net tons. On a year-over-year basis, exports were down 15 percent, the institute said.
