Canada’s merchandise exports rose 2.1% in January and imports increased 1.9%. As a result, Canada’s trade deficit with the world narrowed from $332 million to $237 million.
Exports rose to $39.1 billion, the main contributors to the gain being crude oil and crude bitumen as well as unwrought precious metals and precious metal alloys. A decline in exports of passenger cars and light trucks partially offset the increase. Imports increased to $39.3 billion, energy products contributing the most to the overall increase, followed by metal ores and non-metallic minerals.
Exports to the United States rose 2.6% to $29 billion in January, thanks mainly to crude oil and crude bitumen. Imports increased 2.1% to $24.7 billion bringing Canada’s trade surplus with the United States from $4 billion in December to $4.3 billion in January.
Exports to countries other than the United States increased 0.9% to $10.1 billion, mainly as a result of a 14% gain in exports to the European Union. Imports from countries other than the United States rose 1.5% to $14.6 billion. Canada’s trade deficit with countries other than the United States went from $4.4 billion in December to $4.5 billion in January.
Exports of energy products and mineral products lead the overall gain
Exports of energy products increased 6.7% to $9.2 billion. Contributing the most to the gain was crude oil and crude bitumen (+9.5%), with volumes rising for a third consecutive month. Exports of metal and non-metallic mineral products rose 10.5% to $5.1 billion. Leading the increase were unwrought precious metals and precious metal alloys (36.2% increase). A 7.4% gain in volumes pushed basic and industrial chemical and rubber products up 5.6% to $3 billion. Leading the overall gain were exports of dyes and pigments; petrochemicals (+38.3%) as well as basic chemicals (+16.8%). Lower exports of lubricants and other petroleum refinery products partially offset the section’s increase. Exports of motor vehicles and parts fell 7.6% to $5.1 billion in January, exports of passenger cars and light trucks (-7.9%) contributing the most to the decline, followed by motor vehicle engines and motor vehicle parts (-7.6%). Exports of metal ores and non-metallic mineral products decreased 16% to $1.4 billion, the main contributor to the decline was exports of copper ores and concentrates, down 56.3%.
Imports increase due to higher volumes
Imports of energy products rose 11.8% to $4.3 billion, with crude oil and crude bitumen leading the advance, up 12% to $2.9 billion. Imports of metal ores and non-metallic minerals grew 36.5% to $1.1 billion, the highest value since reaching a record high in August 2011. Imports of metal ores and concentrates contributed the most to the monthly gain. Imports of industrial machinery, equipment and parts rose 5.3% to $3.6 billion, as a result of widespread increases. Leading the gains were imports of other general-purpose machinery and equipment, mainly turbines and turbine generator sets, rising 8.4% to $1.1 billion on higher volumes (+8.0%). Metal and non-metallic mineral products imports declined 10.8% to $3.2 billion, their lowest level since February 2011. Imports of unwrought precious metals and precious metal alloys, down 37.9%, were the main contributor to this decrease.
Meantime, south of the border, the United States international trade deficit in goods and services increased to $44.4 billion in January from $38.1 billion in December, as imports increased and exports decreased.
How about Canada’s trade with Belgium ?
Regarding trade with Belgium, Canadian exports went from $194 million in November, down to $140 million in December and down again to $ 81 million in January. Canadian imports from Belgium, on the other hand, went from $159 million in November, down to $110 million in December and down again to $ 84 million in January. January is always a slow month but the sliding of our bilateral trade downwards is worrying, should it continue in 2013.
Christian Sivière email@example.com All Rights Reserved March 2013
Source: Statistics Canada, U.S. Census Bureau
Canadian Exports and imports