WASHINGTON (Aug. 6, 2014) — The U.S. rubber product trade deficit grew 1.6 percent in November, following the trend for all of 2013.
The shortfall for the month stood at $898.9 million, compared with $884.5 million in November 2012, according to data from the Department of Commerce. Exports gained 2.3 percent for the month to $882.4 million while imports increased 1.9 percent to $1.78 billion.
For the first 11 months of 2013, the deficit was up 1.7 percent to $10.5 billion, with rubber product imports for the period of $20.3 billion more than doubling exports of $9.84 billion.
Data were similar for the tires and related products sector, the biggest market covered in the report. The trade shortfall for November grew 1.5 percent to $663.6 million. Exports dropped 1.6 percent, and imports nudged up 0.2 percent. The passenger tire deficit climbed 2 percent for the month, while the truck/bus sector’s shortfall rose 6.5 percent.
For the year, the tire category deficit expanded 1.9 percent, with passenger tires up 7.8 percent and truck/bus up 1.4 percent.
The supply-side sector for November showed a trade surplus of $63.8 million, compared with a deficit of $17.6 million for the year-earlier period. That reflects a 6.5-percent decline in the deficit for natural rubber and a 24.8-percent rise in the surplus for synthetic rubber.
On the year, the supply side surplus rose more than 10-fold to $568.6 million.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|