AIIS Press Release on December 2017 Steel Exports

SEATTLE (Scrap Monster): Steel exports increased by 13 percent from 2016 to 2017, with shipments to both of the United States’ NAFTA partners recording strong growth.

The year ended on a down note for exports, though, with the monthly total declining by nearly 15 percent to 751,977 net tons from November to December. Exports to Canada dropped by about one-fifth to 346,137 net tons and exports to Mexico decreased by more than 16 percent to 281,043 net tons. Exports to the European Union, though, increased by almost half to 59,598 net tons.

The 10.5 million net tons of exports for all of 2017 included 5.2 million net tons to Canada, a nearly 11 percent increase over 2016, and 4.1 million net tons to Mexico, which was almost 12 percent higher than the previous year. Annual exports to the European Union grew by more than 60 percent to 407,451 net tons.

Last year’s steel export data offer strong arguments against the protectionist policies that are being pursued by the Trump administration. If tariffs and quotas are imposed on steel imports, other countries will almost certainly react in kind, making double digit percentage increases in exports just a memory. Moreover, the numbers provide an example of how the White House’s hostility to the North American Free Trade Agreement (NAFTA) could hurt American manufacturers. Without the pact, shipments to Canada and Mexico – consumers of nearly 90 percent of the steel exported by the United States – will shrink. One of the best things that this administration can do for the economy is recognize that free and responsible trade is good for it.

Courtesy: AIIS