On Monday, the U.K. and Canada reported that the U, S., and Canada all recorded their lowest-ever cargo shipments.
The shipments totaled 4,547,500 tonnes.
The data comes from a survey of the global freight trade conducted by freight data provider BISWorld, which reported that shipments to the U and S dropped to a record low of 3.2 million tonnes.
BISworld said that the figures were down from the previous week’s shipment numbers, which totaled 3.3 million tonnes and 3.5 million tonnes respectively.
In a statement, the companies said that their respective markets were the “most volatile” in the global supply chain and that they are working with BIS World to identify and fix the root cause of the decrease.
U.s. imports to Mexico decreased to the lowest level since February 2016, when a new government was sworn in.
According to BIS, the drop in shipments to Canada is largely due to the impact of the new Trump administration’s decision to phase out the Trans-Pacific Partnership trade deal.
The U.k. had a slight increase in imports to the Mexican Republic, which has a population of roughly 7.5million.
According the U of S, the increase in U. S. imports from the U for the week was “driven by increased demand for U. s. products in Canada due to lower prices, lower oil prices and increased interest in the U.”
In contrast, Canadian exports to Mexico dropped by nearly $800 million.
“We expect the Canadian dollar to continue to be a significant factor in the Canadian trade volume for the next several months,” BIS’ Chief Economist, Dr. James Martin, said in a statement.
“While the United States remains a major trading partner, we believe that a stronger U. k. dollar, which is expected to continue its strength for a considerable period of time, will provide additional bargaining power in the NAFTA negotiations.”
According to the report, the decrease in U, s. exports to Canada was due in large part to the lower prices on Canadian crude oil.
The decrease in imports from Canada was largely driven by lower oil and natural gas prices.
The decline in U s imports was largely due in part to lower oil price expectations.