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Low oil prices cut US, Mexico, Canada trade value 7.7pc to US$82.4 billion
THE value of cross-border freight between the United States and trading partners Canada and Mexico declined by 7.7 per cent to US$82.4 billion in January compared to the same month a year earlier, pulled down by lower crude oil prices, according to the US Department of Transportation's Bureau of Transportation Statistics.
The value of US-Canada freight flows plunged 12.7 per cent year on year to $42 billion. The agency said all five transport modes carried less freight by value in January, with trucking falling 1.5 per cent and rail declining 3.5 per cent.
The sharp fall in the price of crude oil over the past year played a key part in the large declines in the dollar value of goods shipped by vessel (down 37.3 per cent) and pipeline (down 32.7 per cent), reported American Shipper.
Trucks carried 60.5 per cent of the value of the freight to and from Canada, but the total was down four per cent from January 2015 mainly due to a 9.3 per cent drop in the value of US exports to Canada by truck.
The value of US-Mexico freight decreased by 1.8 per cent to $40.5 billion in January. Freight carried by rail rose 8.2 per cent in value and truck freight value increased 0.7 per cent,
The value of US-Canada freight flows plunged 12.7 per cent year on year to $42 billion. The agency said all five transport modes carried less freight by value in January, with trucking falling 1.5 per cent and rail declining 3.5 per cent.
The sharp fall in the price of crude oil over the past year played a key part in the large declines in the dollar value of goods shipped by vessel (down 37.3 per cent) and pipeline (down 32.7 per cent), reported American Shipper.
Trucks carried 60.5 per cent of the value of the freight to and from Canada, but the total was down four per cent from January 2015 mainly due to a 9.3 per cent drop in the value of US exports to Canada by truck.
The value of US-Mexico freight decreased by 1.8 per cent to $40.5 billion in January. Freight carried by rail rose 8.2 per cent in value and truck freight value increased 0.7 per cent,
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