NAFTA trade growth steady but slowing

The total value of cross-border trade between the United States and its partners in the North American Free Trade Agreement rose 5.5 percent year-over-year in March following an 8.7 percent jump the previous month.    The total value of cross-border trade between the United States and its partners in the North American Free Trade Agreement (NAFTA) — Canada and Mexico — climbed another 5.5 percent to $100.29 billion in March compared with the same month a year ago, according to the latest data from the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS).
   NAFTA trade flows have been on a tear of late, posting year-over-year growth in each of the last 17 months for which after-the-fact data is available, despite ongoing negotiations between the United States, Mexico and Canada to revise the 24-year-old free trade deal.
   The March growth, however, was slower than the 8.7 percent year-over-year rate seen in February.
   According to BTS, four of the five major freight transportation modes between the United States, Canada and Mexico carried more cargo by value during March than in the same 2017 period.
   Freight moved by vessel showed the strongest gains by far, surging 42.2 percent year-over-year to $7.95 billion, while cargo moved by truck grew 4.1 percent to $66.54 billion, rail ticked up 1.9 percent to $16.12 billion and air climbed 2.4 percent to $4.22 billion.
   Shipments by pipeline, on the other hand, slipped 2.5 percent to $5.74 billion compared with March 2017.
   Trucks continued to be the most heavily utilized mode for cross-border goods movement, accounting for 60.1 percent ($34.14 billion) of the $56.76 billion in U.S. imports from Canada and Mexico during the month and 66.1 percent ($32.41 billion) of the $49.01 billion in exports, the bureau said.
   Rail remained the second-largest mode by value, moving 15.2 percent of all U.S.-NAFTA freight, followed by vessel at 7.5 percent, pipeline at 5.4 percent and air at 4 percent.
   Year-over-year, the value of U.S.-Canada freight flows rose 5.3 percent to $53.9 billion in March, while U.S.-Mexico trade values increased 5.7 percent to $51.87 billion.