NAFTA numbers record historic low
Trade using surface transportation between the United States and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico decreased by 23.3 percent in 2009 compared to 2008, dropping to $637 billion, according to the Bureau of Transportation Statistics (BTS).
The 23.3 percent decline in trade was the largest year-to-year decline for the 15 years covered by these data. NAFTA went into effect in 1994.
BTS reported that the value of trade by surface transportation with Canada and Mexico decreased by 31.1 percent during the first six months of 2009, compared to the same period in 2008. It decreased by 14.9 percent in the final six months of the year but increased by 10.5 percent in December compared to Dec. 2008.
Total North American surface transportation imports decreased by 26.5 percent in 2009 from 2008, and exports decreased by 19.2 percent during the same period.
In 2009, 86.6 percent of U.S. merchandise trade by value with Canada and Mexico moved on land. Total North American surface transportation trade value in 2009 increased 0.5 percent compared to 2004, and was up 27 percent compared to 1999, a period of 10 years.
U.S.-Canada surface transportation trade totaled $386 billion in 2009, a decrease of 28.1 percent compared to 2008. The value of imports carried by truck was 25.7 percent lower in 2009 than 2008 while the value of exports carried by truck was 20.2 percent lower.
U.S.–Mexico surface transportation trade totaled $251 billion in 2009, a decrease of 14.4 percent compared to 2008. The value of imports carried by truck was 12.2 percent lower in 2009 than in 2008 while the value of exports carried by truck was 10.8 percent lower.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Alumni-couple donate $12.3M to Mississippi State
- IKE TROTTER: There are primary changes in Social Security for 2014
- CARTOON — Nobile illustrates Thad Cochran's most significant advantage over the competition
- Omega Protein shifting vessels to Mississippi
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Town given Obamacare insurance break, but faces additional costs in 2015
- Judge denies ex-mayor's motion to vacate Katrina-related conviction
- TRIP releases report on state's crumbling roads, bridges
- Bankrupt Simply Wheelz chooses prevailing bidder for assets
- Butler Snow Advisory Services adds Jimmy Bailey