NAFTA trade suffers lowest monthly volume in five years

NORTH American Free Trade Agreement (NAFTA) trade volume between Canada, US and Mexico, fell to the lowest level in January compared to the same month in 2004.

January overland trade fell 27.2 per cent year on year to US$47.5 billion in January, according to the US Department of Transportation.

This follows six months of continuous declines among the three signatory nations. Surface trade declined 0.3 per cent in the final six months of 2008 and 9.4 per cent in the last quarter compared to 2007.

Eight-eight per cent of US trade value with Canada and Mexico moves by truck, rail and pipeline. US surface trade value with Canada totalled $29 billion in January, down 31.1 per cent compared to January 2008. With Mexico, it totalled $18.5 billion in January, down 20 per cent year on year.

Source: Schednet