News from AIIS
FOR IMMEDIATE RELEASE
January 10, 2018
Richard Chriss, AIIS President
Alexandria, VA. January 10, 2018. Steel exports slipped 1.5 percent from October to November, but the numbers were still high compared to 2016.
Exports of 882,665 net tons were 21 percent above the total in November of last year. Nearly half of those exports – 431,980 net tons, essentially unchanged from October but 17.7 percent higher than a year earlier– went to Canada, while the bulk of the remainder – 335,342 net tons, 4.2 percent less than the previous month but 14.7 percent higher than November 2016 – shipped to Mexico. Exports to the European Union were up 12.4 percent from October and were more than double the total from the preceding November at 40,655 net tons.
Through November, the 2017 total of 9.78 million net tons marked a 13.8 percent increase over 2016. Year-to-date exports to Canada were up 11.3 percent to 4.81 million net tons, exports to Mexico increased 13.7 percent to 3.84 million net tons and exports to the European Union swelled nearly 56 percent to 347,853 net tons.
Canada’s economy, which was stagnating not too long ago, is now strong enough that the nation’s central bank is expected to raise interest rates in January, while the economic outlook for Mexico in 2018 has also improved. This bodes well for the future of steel exports to those countries. However, this would likely all change if the Trump administration blows up the North American Free Trade Agreement, as it has threatened to do. Scrapping NAFTA would have significant negative economic repercussions for all three participants in the trade pact, not the least of which would surely be a sharp decline in steel exports from the United States.