The weak Canadian economy has been the primary factor behind the decline in steel exports, which fell 16.8 percent year-over-year for the first 11 months of 2015, according to the American Institute for International Steel (AIIS).
The United States exported 712,164 net tons of steel in November, a 9.3 percent decline from October and over 25 percent lower from November 2014, according to the American Institute for International Steel (AIIS).
Steel exports to Canada during November totaled 364,127 net tons, while steel exports to Mexico reached 265,912 net tons, year-over-year drops of 24 percent and 24.2 percent, respectively. In addition, steel exports to the European Union for the month tumbled 20.4 percent from November 2014 to 17,307 net tons.
For the first 11 months of 2015, the United States exported 9.25 million net tons of steel, a 16.8 percent decline from the corresponding period in 2014, primarily the result of a weak Canadian economy, said AIIS.
Steel exports to Canada totaled 4.55 million net tons for the first 11 months of 2015, a year-over-year drop of more than 23 percent, while steel exports to Mexico reached 3.54 million net tons, a 7.7 percent decline from the same period in 2014. Exports to the European Union, however, remained flat at 310,328 net tons.
Looking ahead, there are few signs steel export volumes will pick up soon, especially with the price of oil at or near $30 a barrel, according to AIIS.
“There is no doubt we are facing considerable headwinds,” Canadian Finance Minister Bill Morneau said in a statement. “It is very likely that global economic conditions will remain unfavorable, and that subdued commodity prices will persist.”
U.S. steel exports continue slipping in November
