Nafta Truck Freight Value Declines for Second Month
The value of U.S. trade with Canada and Mexico carried by truck declined for the second consecutive month, the Bureau of Transportation Statistics reported Oct. 29.
Truck freight value dipped 1.8% from the same period last year as total trade fell 8.1% to $92.4 billion, due in part to declines in the value of commodities moved by pipeline and vessel, according to BTS.
In August, trucks carried 63.6% of the trade among North American Free Trade Agreement partners, making them the most heavily used mode of moving goods to and from Canada and Mexico.
The decline in the value of freight moved by trucks in August follows a 0.6% dip the prior month, according to BTS.
Trucks transported $29.1 billion of exports and $29.7 billion of imports among the Nafta partners.
U.S.-Canada trade for the month by truck declined 5.3%, and rail dropped 16.7%. Trucks carried 58.1% of the $48 billion in freight to and from Canada.
“Lower mineral fuel prices contributed to a year-over-year decrease in the value of freight moved between the U.S. and Canada. Mineral fuels are a large share of freight carried by pipeline and vessel, which were down 35.1% and 40.2%, respectively, year-over-year,” BTS said in its report.
Trade with Mexico by truck rose 1.5% from last year and accounted for 69.6% of the $44.5 billion of freight moved to and from the country. Trucks transported $8.2 billion in electrical machinery to and from Mexico, more than any other commodity.
Nafta trade by pipeline dropped by 33.6% to $4.9 billion, and ship trade declined 33.5% to $6.1 billion.
