The total value of cross-border trade between the United States, Mexico and Canada has now fallen in 21 of the last 22 months compared with the prior-year period, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics.
The total value of cross-border trade between the United States and its partners in the North American Free Trade Agreement (NAFTA), which include Canada and Mexico, in October 2016 slipped another 3.6 percent to $93.2 billion, according to the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS).
BTS noted total NAFTA freight values have now fallen in 21 of the last 22 months when compared with the prior-year period.
Of the five major transportation modes measured by BTS, only pipeline and rail carriers moved more freight by value in October, jumping 21.8 percent and 6.2 percent, respectively.
The value of cargo moving by all other modes dropped, however, with commodities moving by air tumbling 12.7 percent, truck slipping 6.1 percent, and ocean vessel trade falling 7 percent from the previous year.
Trucks continued to be the most heavily utilized mode for moving goods to and from both Canada and Mexico, accounting for 63.4 percent ($31.9 billion) of the $50.3 billion in U.S. imports from Canada and Mexico during the month and 67.6 percent ($29 billion) of the $42.9 billion in exports, BTS said.
Rail remained the second largest mode by value, moving 15.8 percent of all U.S.-NAFTA freight, followed by vessel (5.4 percent), pipeline (5 percent) and air (3.8 percent).
Year-over-year, the value of U.S.-Canada freight flows fell 2.5 percent to $46.5 billion in October, while U.S.-Mexico trade values slipped 4.7 percent to $46.6 billion.
NAFTA trade slips another 3.6% in October
