U.S. Scrap Iron and Steel Exports Recorded Notable Decline

Author:Suny Group

The latest trade statistics published by the U.S. Census Bureau suggests notable decline in exports of scrap iron and steel during the initial eight-month period of 2019. The exports dropped by 9.92% year-on-year to total $3.68 billion during Jan-Aug ’19, as compared with $4.08 billion during the corresponding eight-month period last year.

The topmost trade partner was Turkey. The exports to that country were valued at $696.56 million, accounting for nearly 19% of the total exports by the U.S. The exports to Turkey were down by 7.58% over the previous year. Taiwan, the second largest export destination, received $427.94 million worth of scrap iron and steel. The U.S. exports to Taiwan recorded year-on-year decline by 8.36%. In third place was India with total imports of $340.9 million. The other key importers were Vietnam ($309.41 million) and South Korea ($245.42 million). The above five countries together accounted for approximately 55% of all U.S. exports in Jan-Aug ‘19.

Also, imports of scrap iron and steel dropped heavily by 24.58% to $949.31 million through August this year. The U.S. imports had totalled around $1.26 billion during the similar eight-month period in 2018. The primary supplier of scrap iron and steel to the US was Canada, whose supplies totalled $630.59 million. The other major sources of import were Mexico ($151.87 million) and Sweden ($77.17 million).