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U.S. Steel Exports Rise Slightly in June
08/12/2014 - Exports of U.S. steel products held steady in June 2014, as increases to minor trading partners offset decreases to the North American Free Trade Agreement (NAFTA) countries.
Total exports increased 0.5% from May to June to reach 1.04 million tons, which was 2.2% lower than the June 2013 total. Exports were down 6% to Mexico to 341,481 tons, and 4% to Canada to 536,502 tons. Compared to June 2013, these numbers represent an 8% increase for Mexico, and a 7% decline for Canada.
While exports to the United States’ NAFTA partners were down, other countries made up the difference, most notably: Brazil, which more than doubled its imports of American steel to 19,891 tons; Russia, which bought 6,092 tons in June, more than six times the amount in the preceding month; and certain other countries in the Western Hemisphere, Asia and Africa.
For the first half of the year, exports were down 6.5% from a year earlier to 6.06 million tons. Year-to-date exports to Canada have declined 4%, while exports to Mexico have increased 2.5%. Exports to most other trading partners are down for the year, though two notable — and, perhaps, surprising — exceptions are Venezuela (up 139%) and Russia (up 123%). The raw numbers are still small, though: Venezuela and Russia combined accounted for just under 1% of all steel exports this year.
About 85% of all steel exports from the U.S. go to Canada or Mexico, which means that export numbers are heavily influenced by economic conditions in North America, which are, in large part, shaped by the U.S. economy. After a dismal first quarter in the United States — with gross domestic product (GDP) shrinking 2.1% — the American economy bounced back in the spring, growing by 4% in the April-to-June period, according to the recently announced initial estimate from the U.S. Department of Commerce's Bureau of Economic Analysis. That number may steady nerves shaken by the negative growth early in the year and spur more economic activity, driving steel sales.
Total steel exports in June 2014 were 1.041 million tons compared to 1.036 million tons in May 2014, a 0.5% increase, and a 2.2%% decrease compared to June 2013. According to year-to-date figures, exports decreased 6.5% compared to 2013, or from 6.482 million tons in 2013 to 6.063 million tons in 2014.
The American Institute for International Steel (AIIS) is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
While exports to the United States’ NAFTA partners were down, other countries made up the difference, most notably: Brazil, which more than doubled its imports of American steel to 19,891 tons; Russia, which bought 6,092 tons in June, more than six times the amount in the preceding month; and certain other countries in the Western Hemisphere, Asia and Africa.
For the first half of the year, exports were down 6.5% from a year earlier to 6.06 million tons. Year-to-date exports to Canada have declined 4%, while exports to Mexico have increased 2.5%. Exports to most other trading partners are down for the year, though two notable — and, perhaps, surprising — exceptions are Venezuela (up 139%) and Russia (up 123%). The raw numbers are still small, though: Venezuela and Russia combined accounted for just under 1% of all steel exports this year.
About 85% of all steel exports from the U.S. go to Canada or Mexico, which means that export numbers are heavily influenced by economic conditions in North America, which are, in large part, shaped by the U.S. economy. After a dismal first quarter in the United States — with gross domestic product (GDP) shrinking 2.1% — the American economy bounced back in the spring, growing by 4% in the April-to-June period, according to the recently announced initial estimate from the U.S. Department of Commerce's Bureau of Economic Analysis. That number may steady nerves shaken by the negative growth early in the year and spur more economic activity, driving steel sales.
Total steel exports in June 2014 were 1.041 million tons compared to 1.036 million tons in May 2014, a 0.5% increase, and a 2.2%% decrease compared to June 2013. According to year-to-date figures, exports decreased 6.5% compared to 2013, or from 6.482 million tons in 2013 to 6.063 million tons in 2014.
The American Institute for International Steel (AIIS) is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
