Cross-Border Freight Value Increases for 14th Straight Month
U.S.-NAFTA Freight Value Percent Change from Previous Year, December 2017
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The value of freight moving between the U.S. and next door neighbors Canada and Mexico posted its 14th straight year-over-year gain in December, according to new Transportation Department figures.
The value totaled $93.5 billion as all five major transportation modes carried more freight by value with the North American Free Trade Agreement (NAFTA) partners as it posted an overall 7.4% rise.
The value of commodities moving by vessel increased 37.8%, pipeline by 14.2%, truck by 5.4%, air by 4.1%, and rail by 2.8%.
The large percentage increase in the value of goods moving by vessel was due in part to a 11.4% year-over-year crude oil price increase, according to the report, and a 22.2% increase in the tonnage of mineral fuels transported by vessel.
Trucks carried 60.7% of U.S.-NAFTA freight and continued to be the most utilized mode for moving goods to and from both U.S.-NAFTA partners. Trucks accounted for $29 billion of the $50.5 billion of imports, or 57.4%, and $27.8 billion of the $43 billion of exports, or 64.6%.
Rail remained the second largest mode by value, moving 14.5% of all U.S.-NAFTA freight, followed by vessel, 8.4%; pipeline, 6.5%; and air, 4.1%. The surface transportation modes of truck, rail and pipeline carried 81.7% of the total value of U.S.-NAFTA freight flows.
U.S.-Canada Freight Value Jumps Nearly 10%
Comparing December 2016 to December 2017, the value of U.S.-Canada freight flows increased by 9.5% to $48.7 billion as the value of freight on all five major modes increased from a year earlier.
The value of freight carried by vessel increased by 61.1% due in part to an increase in the unit value and an 42.8% increase in the tonnage of mineral fuels traded. Pipeline increased by 15.3%, rail by 10.1%, air by 7.2%, and truck by 6.4%.
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