Starting with the Canadian-Belgian trade, Canadian exports to Belgium amounted to $ 289 million in October but went down to $ 161 million in November, then down again to $ 133 million in December. Canadian imports from Belgium, on their side, amounting to $ 180 million in October, went up to $190 million in November but down to $152 million in December. No doubt seasonal fluctuations influence our bilateral trade and it will be interesting to see its evolution in the coming months.
Canada‘s overall merchandise imports meanwhile grew 1.2% while exports increased only 0.9% in December, widening the country’s foreign trade deficit from $1.5 billion to $1.7 billion. Imports grew to $41.4 billion, higher imports of energy products (+22.6%) leading the overall increase. Imports of basic and industrial chemical, plastic and rubber products and metal ores and non-metallic minerals grew as well while imports of aircraft and other transportation equipment and parts, motor vehicles and parts and electronic and electrical equipment were down. Exports rose to $39.7 billion, as increases in most sections were slightly offset by declines in energy products, farm, fishing and intermediate food products as well as motor vehicles and parts. Exports of metal ores and non-metallic minerals, basic and industrial chemical, plastic and rubber products, aircraft and other transportation equipment and parts grew the most.
Canadian exports to the United States rose 1.2% to $30 billion, while imports declined 0.4% to $27.1 billion, bringing Canada’s trade surplus with the United States from $2.4 billion to $2.9 billion. Imports from countries other than the United States rose 4.3% to $14.2 billion. A large increase in imports from the principal trading area “other Organisation of Economic Co-operation and Development countries” (+38.7%) was partially offset by a decline in imports from the European Union (-12.3%). Crude oil and crude bitumen was the main factor behind these opposing movements. Canadian exports to countries other than the United States were unchanged at $9.7 billion. Canada’s trade deficit with these countries therefore widened from $4 billion in November to $4.5 billion in December.
How about Canada’s first trading partner South of the border ?
The United States recorded exports of $191.3 billion and imports of $230 billion in December, resulting in a goods and services deficit of $38.7 billion, up from $34.6 billion in November. The U.S. December exports were $3.5 billion less than November’s while U.S. imports were only $0.6 billion higher. The decrease in exports of goods reflected decreases in industrial supplies and materials, capital goods, automotive vehicles, parts and engines and consumer goods, while foods, feeds and beverages were up. The increase in imports of goods reflected increases in consumer goods, industrial supplies and materials while automotive vehicles, parts and engines, capital goods, foods, feeds and beverages were down. In December, the U.S. recorded trade surpluses with Hong Kong, Australia, Brazil and Singapore and trade deficits with China, the European Union, Germany, Mexico, OPEC, Canada, Saudi Arabia, Ireland, Venezuela , India and Korea.
Christian Sivière Christian.email@example.com All Rights Reserved February 2014
Source: Statistics Canada, U.S. Census Bureau
Canada’s Exports and Imports