March 2015 Steel Exports
05/14/2015 - In a report by the American Institute for International Steel published 7 May, steel exports inched up in March, as the North American neighbors of the United States increased their purchases of American steel and the European Union nations cut back on theirs.
Exports totaled 896,027 net tons in March, 2 percent higher than in February, but 13.8 less than in March 2014.
Exports to Canada and Mexico increased 4.2 percent to 423,426 net tons and 2.9 percent to 361,265 net tons from February, respectively. These totals were 24.8 percent less and 4.9 percent more than the previous March. Nearly two-thirds of those monthly gains were offset by a 36 percent drop in exports to the European Union, which bought 31,056 net tons of steel from the United States in March. Despite the drop, the March total was 3.4 percent higher than it was a year earlier. The only other trading partner with even a five-figure total was China, which received 10,644 net tons of exports, 45.5 percent more than in February and nearly the same as the March 2014 total.
Through the first three months of the year, steel exports were down 7.1 percent compared to 2014 at 2.7 million net tons. Canada has driven the decline, with year-to-date exports to that country decreasing 16.6 percent to 1.31 million net tons. Exports to Mexico, though, have increased 7 percent to 1.05 million net tons, and exports to the European Union have swelled 38.2 percent to 111,202 net tons.
The drop in exports from 2014 to 2015 is unsurprising, given that the U.S. dollar is significantly stronger now than it was a year ago. The pickup in exports from February to March, meanwhile, may simply be a function – especially in the case of Canada – of getting past the coldest and snowiest part of the year. An expensive dollar, combined with stagnant or weak economic activity in much of the world, appears to leave little room for optimism on the part of exporters for the rest of 2015.
Exports to Canada and Mexico increased 4.2 percent to 423,426 net tons and 2.9 percent to 361,265 net tons from February, respectively. These totals were 24.8 percent less and 4.9 percent more than the previous March. Nearly two-thirds of those monthly gains were offset by a 36 percent drop in exports to the European Union, which bought 31,056 net tons of steel from the United States in March. Despite the drop, the March total was 3.4 percent higher than it was a year earlier. The only other trading partner with even a five-figure total was China, which received 10,644 net tons of exports, 45.5 percent more than in February and nearly the same as the March 2014 total.
Through the first three months of the year, steel exports were down 7.1 percent compared to 2014 at 2.7 million net tons. Canada has driven the decline, with year-to-date exports to that country decreasing 16.6 percent to 1.31 million net tons. Exports to Mexico, though, have increased 7 percent to 1.05 million net tons, and exports to the European Union have swelled 38.2 percent to 111,202 net tons.
The drop in exports from 2014 to 2015 is unsurprising, given that the U.S. dollar is significantly stronger now than it was a year ago. The pickup in exports from February to March, meanwhile, may simply be a function – especially in the case of Canada – of getting past the coldest and snowiest part of the year. An expensive dollar, combined with stagnant or weak economic activity in much of the world, appears to leave little room for optimism on the part of exporters for the rest of 2015.
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.
