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July27, 2015

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www.joc.com THE JOURNAL OF COMMERCE 51 JOC By the Numbers Highest 2015 index in June: The June expenditures index sequentially advanced 0.062 point, or 2.4 percent above May, in the fifth consecutive month in sequential growth. In the fourth and consecutive year-over-year monthly drop since May 2013, the June 2015 Cass expenditures index was 2.599, 0.161 points or 5.8 percent below the 2.760 record high in June 2014. U.S. West Coast port cargo congestion began clearing in late February. While monthly spends have steadily increased in 2015 with 6.8 percent index growth when comparing February with June, growth in shipments in that same period was 7.1 percent, outpacing expenditures. Highest 2015 index in June: The June shipments index sequentially inched forward 0.002 point, or 0.2 percent above May, in the fifth consecutive month in sequential growth. However, in the fourth and consecutive year-over-year monthly drop since February 2014, the June 2015 Cass shipments index at 1.160 was 0.041 point or 3.4 percent below June 2014. While U.S. West Coast port cargo congestion began clearing in late February, monthly shipment growth nearly stalled in June. CASS FREIGHT INDICES Cass index data is derived from actual freight invoices paid on behalf of its clients' domestic freight shipments, which annually totals over US$26 billion in account payables and includes a wide diversity of shippers, commodities and company size. The Cass index data does not contain a truly representative picture of small package shipments. Volumes represent the month in which transactions are processed by Cass, not necessarily the month when the corresponding shipments took place. • Source: Cass Information Systems • www.cassinfo.com/Transportation-Expense-Management/Supply-Chain-Analysis/Transportation-Indexes Freight Expenditures Index Freight Shipment Index ■ Jan. 1990=100 ● Year-over-year percent change ● Month-to-month percent change ■ Jan. 1990=100 ● Year-over-year percent change ● Month-to-month percent change 1.75 2.00 2.25 2.50 2.75 3.00 -15% 0% 15% 30% 45% 60% JUNE 2015 JANUARY 2011 0.8 0.9 1.0 1.1 1.2 1.3 -10% -5% 0% 5% 10% 15% JUNE 2015 JANUARY 2011 n Cargo value, in billions of U.S. dollars. Agricultural Commodities* The $20.4 billion May 2015 U.S. agricultural trade tumbled 4.9 percent from April as imports plunged 5.8 percent and exports fell 4 percent. May 2015 U.S. agricultural trade was 5.6 percent below May 2014, led by a 9.6 percent plunge in exports while imports slipped 0.8 percent. The U.S. agricultural trade in the first five months of 2015 totaled $106.7 billion, 4.8 percent below the same period in 2014; despite a 3.2 percent growth in imports, exports collapsed 10.8 percent. $6 $8 $10 $12 $14 $16 M A M F J 2015 D N O S A J J M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 $75 $100 $125 $150 $175 $200 M A M F J 2015 D N O S A J J M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 ■ U.S. Exports ■ U.S. Imports ■ U.S. Exports ■ U.S. Imports $6 $8 $10 $12 $14 $16 M A M F J 2015 D N O S A J J M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 $75 $100 $125 $150 $175 $200 M A M F J 2015 D N O S A J J M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 ■ U.S. Exports ■ U.S. Imports ■ U.S. Exports ■ U.S. Imports *Via all modes of transport • Census made 2012-2014 data revisions in June 2015. In Manufacturing, certain classifications are subject to Census suppression due to non-disclosure requirements, including aircraft. Source: U.S. Census Bureau, Division of Foreign Trade, U.S. Department of Commerce, www.census.gov/foreign-trade/data/ Manufactured Goods* The May 2015 $258.4 billion U.S. manufactured goods trade sequentially slipped 0.5 percent, led by a 0.6 percent decline in exports. Year-over-year, the U.S. manufactured goods trade fell 3.6 percent, led by a 6.7 percent plunge in exports. In the first five months of 2015, the U.S. manufactured goods trade totaled nearly $1.3 trillion, dipping 0.2 percent year-over-year, softened by a 4.5 percent drop in exports. AGRICULTURAL COMMODITIES & MANUFACTURED GOODS IN U.S. TRADE U.S. FOREIGN TRADE WITH GLOBAL REGIONS *Not seasonally adjusted. Via all modes of transport. Source: U.S. Census Bureau, Division of Foreign Trade, U.S. Department of Commerce, www.census.gov/foreign-trade/data/ n In goods, in billions of U.S. dollars, via all modes of transportation to and from the U.S.* Overall U.S. trade in May 2015 plunged 7.1 percent year-over-year to $314.1 billion with only U.S. trade with the Pacific Rim inching forward 0.9 percent. U.S. trade with Europe fell 5.2 percent, while NAFTA plunged 10.6 percent, South/Central America plummeted 17.5 percent, and Africa tumbled 29.8 percent below May 2014. In the first five months of 2015, overall U.S. trade fell 4.4 percent year-over-year to $1.5 trillion with only U.S. trade with the Pacific Rim advancing 2.3 percent. U.S. trade with Europe declined 1.7 percent, NAFTA fell 6.1 percent, South/Central America plunged 16.5 percent and Africa tumbled 28.9 percent year-over-year. January-May May 2014 2015 % CHANGE 2014 2015 % CHANGE EXPORTS TOTAL MANUFACTURED GOODS AGRICULTURAL COMMODITIES NAFTA EUROPE PACIFIC RIM SOUTH/CENTRAL AMERICA AFRICA $664.3 $630.2 -5.1% $138.1 $128.2 -7.2% $488.5 $466.4 -4.5% $102.8 $96.0 -6.7% $64.7 $57.7 -10.8% $11.8 $10.7 -9.6% $225.4 $215.8 -4.2% $48.3 $44.4 -8.1% $139.9 $137.3 -1.9% $29.1 $27.5 -5.4% $161.1 $152.1 -5.6% $31.3 $30.0 -4.0% $75.3 $65.9 -12.6% $15.8 $14.0 -11.0% $16.3 $11.7 -28.2% $3.9 $2.9 -25.9% IMPORTS TOTAL MANUFACTURED GOODS AGRICULTURAL COMMODITIES NAFTA EUROPE PACIFIC RIM SOUTH/CENTRAL AMERICA AFRICA $950.7 $914.1 -3.9% $200.2 $186.0 -7.1% $767.5 $786.8 2.5% $165.2 $162.5 -1.6% $47.4 $48.9 3.2% $9.8 $9.7 -0.8% $261.8 $241.7 -7.6% $55.4 $48.3 -12.8% $202.5 $199.4 -1.5% $43.2 $41.1 -5.0% $312.4 $332.3 6.4% $66.4 $68.5 3.3% $63.5 $50.1 -21.1% $12.7 $9.5 -25.6% $14.8 $10.4 -29.7% $3.2 $2.1 -34.7% January-May May 2014 2015 % CHANGE 2014 2015 % CHANGE TOTAL TRADE $1,615.0 $1,544.3 -4.4% $338.3 $314.1 -7.1%

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