NAFTA trade value increases 18.3% in August to $80.4bn
US-Canada trade increased 19.1% to $47.5bn. Imports increased 19.9% to $24.8bn, whereas exports increased 18.2% to $22.6bn.
US-Mexico trade increased 17.2% to $32.9bn. Imports increased 13.4% to $17.8bn and export increased 22.1% to $15bn.
For more information regarding import and export figures, see the Ti Dashboard NAFTA Surface Imports and NAFTA Surface Exports graphs.
Automobiles are one of the major NAFTA commodities. For the month of August 2011, Canadian imports and exports combined were valued at $8.3bn, a 36% increase over July 2011 and a 6.6% increase over August 2010. Mexican imports and exports combined were valued at $5.6bn, an 11.3% over July 2011 and a 12.9% over August 2010. The increase in automobile trade reflects strong US automobile sales reported for September.
Of particular note is the increasing US import of mineral fuels and oil via pipeline from Canada. Canadian imports and exports combined were valued at $7bn, a 2.4% over July 2011 and a 44.8% increase over August 2010. As the US lessens its dependence on oil from the Middle East, reliance on Canada will continue to increase.
NAFTA trade continues to increase as the possibilities of near-sourcing increases. Even though NAFTA trade is on the increase, both Canada and Mexico are trying to lessen their dependence on the US, which is considered each country’s largest trade partner. As such, both are undertaking free trade agreements with other countries in order to promote their exports.
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