Analysis
December 13, 2022
US Steel Exports Decline Further in October
Written by Brett Linton
US steel export volumes eased further from September to October, falling 4% to 697,000 net tons, according to the latest US Commerce Department data. Exports are now at a nine-month low, with October being the third slowest month of trade over the past 20 months. Exports have trended downwards since peaking in March and April of this year. October 2022 exports are 3% lower than levels seen one year prior, 4% less than October 2020, and in line with October 2019 volumes.
In comparison to recent years, export levels had remained relatively high for the majority of 2022, as shown in Figure 1. The highest monthly figure seen in the past four years was in March 2022 at 843,000 tons. The highest level recorded in the chart below was 1.05 million tons in May 2017, and the highest monthly rate in our history was January 2012 at 1.32 million tons. Recall that in 2020, steel exports fell to a 24-year low of 374,000 tons in May.
