Thursday, May 31, 2012

March Surface Trade with Canada and Mexico Exceeds $85 Billion for First Time

There was so much arguing when they planned to comply with the North American Free Trade Agreement (NAFTA) that our country agreed to back in 1994. Would foreign truck drivers have to follow U.S. laws? Would the U.S. pay for electronic HOS devices on foreign trucks? Would foreign truck drivers be able to stay here forever? Would foreign drivers steal business that could be given to U.S. companies? There were and still are many unanswered questions. But the idea seems to be – the agreement was a good one.
Surface trade between the U.S. and its North American Free Trade Agreement partners, Canada and Mexico, was 6.2% higher in March 2012 than in March 2011, totaling $85.8 billion, according to the Bureau of Transportation Statistics of the U.S. Department of Transportation. March 2012 was the highest month for NATFA trade value since collection of data began in 1994, exceeding $85 billion for the first time and topping the previous record of $80.8 billion in March 2011.
The value of U.S. surface transportation trade with Canada and Mexico in March increased by 88.2% compared to March 2002, a period of 10 years. Imports in March were up 76.1% since March 2002, while exports were up 104.5%.
U.S.-Canada and U.S.-Mexico surface transportation trade in March 2012 both increased compared to March 2011 with U.S.-Canada trade reaching $50.1 billion, a 2.9% increase, and U.S.-Mexico trade reaching $35.7 billion, an 11.2% increase.
More exports are leaving giving the U.S. more money and we are able to import more goods thus reducing prices of goods in the U.S. Overall, the outlook is positive… only time will tell if the trend continues. Hopefully it does.
Read more here

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