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Thursday, May 30, 2024

Mexico Outpaces Canada in US Surface Trade Rebound

U.S. land trade with Mexico declined less following the recession of 2008-2009 than did trade with Canada, and it rebounded faster, according to according to the Bureau of Transportation Statistics of the U.S. Department of Transportation.

U.S.-Mexico land trade declined 14.4 percent from 2008, then increased by 46.3 percent in the next two years to reach a level in 2011 that was 25.3 percent higher than in 2008.

U.S.-Canada land trade declined 28.1 percent from 2008 then increased by 39.2 percent to reach a level in 2011 that was virtually unchanged from 2008.

As a result, U.S.-Mexico accounted for 40.6 percent of North American surface freight in 2011, compared to 35.3 percent in 2008.

Overall, surface transportation trade between the U.S. and both of its NAFTA partners in 2011 is valued at $904 billion, a 14.3 percent increase compared to 2010 – and the third ever largest year-to-year increase.

The $904 billion in U.S.-NAFTA trade was the highest amount since NAFTA went into effect in 1994.