WASHINGTON, D.C. -- Trade using surface transportation between Canada, the US and Mexico, was 4.6% higher in July than in July 2011, totalling $75.7 billion, according to the Bureau of Transportation Statistics (BTS) of the US Department of Transportation.
BTS reported that the 4.6% annual increase is the lowest year-to-year rise since increases resumed in December 2009 following the recession. The lower growth rate reflects the reduced cost of oil and gas, the largest commodity traded by value, according to BTS officials. Adjusted for inflation and exchange rates, the July total was $56.0 billion in 2004 dollars, up 8.8% from July 2011.
The July value of US surface transportation trade with Canada and Mexico rose 5.7% from July 2008 during the last recession.
The value of US surface transportation trade with Canada and Mexico in July increased by 82.8% compared to July 2002. Imports in July were up 66.7% since July 2002, while exports were up 105.1%.
In July, 86.3% of US trade by value with Canada and Mexico moved via land, 10.0% moved by vessel, and 3.7% moved by air.
The value of US surface transportation trade with Canada and Mexico decreased 8.4% in July from June.
US-Canada surface transportation trade in July increased compared to July 2011, reaching $42.9 billion, a 1.0% increase.
In July, Illinois led all states in surface trade with Canada, at $4.9 billion, a 9.3% increase from July 2011. This is the first time that Illinois has surpassed Michigan in surface trade with Canada since July 2009.
“Many automotive plants in Michigan retool their production facilities in July for the upcoming model year, which reduces Michigan trade with Canada, as much of that trade is in automobiles and auto parts,” BTS said in a release.
The top commodity category transported between the US and Canada by surface modes of transportation in July was oil and gas, valued at $7.9 billion. Oil and gas displaced vehicles as the top commodity in July, due to auto plant retooling in July.