Monthly Merchandise Trade Report

Monthly Report on Canada's International Merchandise Trade Performance, July 2014

PDF Version (231 KB)

Summary

Canadian merchandise exports rose by 1.4% in July to reach $45.5 billion – a record high. With imports edging down 0.3%, the merchandise trade balance increased for the third month in a row to $2.6 billion. 

Canadian Merchandise Exports

Canadian merchandise exports increased 1.4% to $45.5 billion in July as volumes rose 1.1%  and prices climbed 0.3%. Overall, exports were up 16.2% compared to the same month a year earlier.

  • Exports grew fastest to Japan, increasing by 4.9%, but it was increased exports to the U.S. that drove July’s growth. Although improving by a modest 1.9%, the $625 million in increased exports to the U.S. accounted for nearly all of the month’s gain. Exports to the EU were up modestly for the month (up 1.4%), it was only exports to the rest of the world that declined, falling 1.4%.
  • On an industry basis, exports of motor vehicles and parts led the way, growing by 9.7%. Exports of electronics and electrical equipment and parts also saw a solid increase for the month, growing by 6.9%.

  

Canadian Merchandise Imports

Canadian merchandise imports fell 0.3% to $43.0 billion in July as prices declined (down 0.6%), but was partly off-set by increased volumes (up 0.4%). Compared to July of 2013, imports are up 6.8% - less than half the rate of growth in exports.

  • Imports of metal ores and non-metallic minerals saw the largest gain in percentage terms, rising by 3.6% in July. But, it was increased imports of motor vehicles and parts, rising by 2.7%, that increased the most in dollar terms. Industrial machinery and equipment, energy products and farm, fishing and intermediate food products all saw modest increases. These increases were more than off-set by declines elsewhere, however, including a large decline in imports of aircraft and other transportation equipment and parts which fell 11.9%.
  • Geographically, it was only imports from the U.S. that increased in July, (1.2%) continuing a trend seen in previous months; Compared to July of 2013, imports from the U.S. are up more than any other region, having improved by 11.1%. The European Union was the only other region for which imports were higher than a year ago, having increased by 7.6%, although imports from this region fell 3.7% in July. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade surplus strengthened, increasing by $750 million to reach $2.6 billion. 

  • Most of the increased surplus was due to a growing surplus with the U.S. which reached $5.1 billion in July, up from $4.9 billion in June.
  • Canada’s merchandise trade surplus with Japan also improved, increasing from $217 million in June to $272 million in July.
  • Also contributing to the growing surplus was a shrinking deficit with the rest of the world (the EU and the rest of the world), which fell from a deficit of $3.2 billion in June to $2.8 billion in July.
  • For the first 7 months of 2014, the trade surplus reached $6.2 billion compared to a deficit of $4.7 billion over the corresponding 7 months of 2013. 
Key Export Trade Statistics by Region – July 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States34.3581.9%15.6%232.82913.4%
EU3.6431.4%40.0%22.5345.5%
Japan1.0204.9%14.8%6.5251.8%
Other6.517-1.49.3%44.7863.7%
All45.5381.4%16.2%306.67511.0%
Key Import Trade Statistics by Region –July 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States29.2151.2%11.1%199.83611.4%
EU3.942-3.7%7.6%28.1402.6%
Japan0.749-1.0%-9.4%5.386-5.8%
Other9.051-3.1%-4.0%67.080-3.4%
All42.957-0.3%6.8%300.4426.6%
Key Trade Balance Statistics – July 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports45.5381.4%16.2%306.67511.0%
Imports42.957-0.3%6.8%300.4426.6%
Trade Balance2.581$750$3.626$6.233$10.891
Trade with ChinaFootnote 1 (Customs basis) – July 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports1.534n.a.14.3%11.100-2.0%
Imports4.904n.a.1.9%31.70612.0%
Trade Balance-3.370n.a.-$3.471-20.605$-16.988
Key Export Trade Statistics by Sector – July 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.8713.0%24.8%18.38913.0%
Energy products11.309-2.1%21.5%79.62325.0%
Metal ores and non-metallic minerals1.556-2.5%14.8%10.7133.3%
Metal and non-metallic mineral products4.8481.3%17.9%31.573-1.8%
Basic and industrial chemical, plastic and rubber products2.895-2.8%1.2%20.339-0.4%
Forestry products and building and packaging materials3.1053.6%9.8%21.1489.5%
Industrial machinery, equipment and parts2.4400.7%10.4%16.7569.1%
Electronic and electrical equipment and parts2.0566.9%7.6%13.7913.9%
Motor vehicles and parts6.8609.7%18.2%42.7719.2%
Aircraft and other transportation equipment and parts1.6870.3%30.4%11.45412.5%
Consumer goods4.946-0.6%14.2%33.51411.7%
Key Import Trade Statistics by Sector – July 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.2580.2%12.2%8.72913.6%
Energy products3.4990.7%10.4%25.8500.8%
Metal ores and non-metallic minerals7813.6%-21.9%5.998-13.7%
Metal and non-metallic mineral products3.531-4.4%5.2%25.5838.4%
Basic and industrial chemical, plastic and rubber products3.791-0.3%3.8%26.02011.8%
Forestry products and building and packaging materials1.868-1.7%7.3%13.0867.9%
Industrial machinery, equipment and parts4.1881.4%11.0%29.13711.3%
Electronic and electrical equipment and parts4.669-1.0%-0.6%33.6312.6%
Motor vehicles and parts7.8042.7%10.6%51.8136.1%
Aircraft and other transportation equipment and parts1.353-11.9%22.8%9.47616.2%
Consumer Goods8.606%-1.95.5%60.9878.6%
Key Trade Statistics Rates & Indices – July 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 2659.2675.0660.8-2.3%-0.2%
Can/Us Exchange Rate1.0741.0831.040-0.8%3.2%
Trade weighted exchange rateFootnote 3112.3111.3116.40.9%-3.5%
Terms of trade (2007=100)97.697.898.6-0.2%-1.0%
Canada-U.S. TradeFootnote 4 in Billions of Dollars
MonthExportsImports
July 201434.35829.215
June 201434.06729.064
May 201434.06428.626
April 201432.92928.617
March 201433.39328.644
February 201433.14228.272
January 201431.17827.247
December 201331.18727.500
November 201330.20127.327
October 201330.21726.715
September 201331.05426.399
August 201330.67426.039
July 201329.72426.303
Trade with EU, Japan and OthersFootnote 4 in Billions of Dollars
MonthExports to EUImports from EUExports to JapanImports from JapanExports to OthersImports from Others
July 20143.6433.9421.0200.7496.5179.051
June 20143.5894.0960.9590.7566.5899.427
May 20143.2004.5940.8900.8756.53810.021
April 20142.6974.0820.9360.7506.2849.829
March 20143.4443.9580.9360.7016.2649.604
February 20143.1443.7440.9200.7386.2079.736
January 20142.7213.7040.8260.8146.3059.516
December 20132.7393.4341.0130.7836.0929.850
November 20132.6243.8050.8360.7626.2409.237
October 20132.9513.9970.8940.7706.2259.284
September 20132.9593.9110.9220.7466.40210.005
August 20132.4853.7220.8940.8056.45310.599
July 20132.6033.6620.8890.8265.9629.432
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenGBP
July 201496.997.993.798.986.1
June 201396.197.692.498.386.2
May 201495.597.190.997.586.0
April 201494.696.089.797.385.7
March 201493.794.388.696.185.5
February 201494.193.390.196.486.2
January 201495.193.891.399.087.6
December 201397.896.993.3101.490.6
November 201399.298.596.199.693.4
October 2013100.499.996.298.594.6
September 2013100.6100.498.5100.196.1
August 201399.999.898.298.097.7
July 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
July 2014100.297.1102.291.4100.8
June 201497.999.297.295.5101.0
May 201499.198.599.592.4101.6
April 201499.299.199.393.1102.7
March 2014100.499.3101.190.1103.3
February 2014100.2103.198.689.6113.9
January 2014104.9103.5105.889.0115.2
December 2013106.3104.6107.590.7115.0
November 2013112.4102.7119.289.0111.8
October 2013106.6102.1109.792.2111.6
September 2013101.7101.0102.194.4108.2
August 2013100.199.1100.897.4102.1
July 2013100.0100.0100.0100.0100.0

Footnotes

Footnote 1

Chinese trade data is only available on a customs basis, whereas all other data are on a balance of payments basis and are therefore not strictly comparable.

Return to footnote 1 referrer

Footnote 2

Bank of Canada commodity price index: a chain Fisher price index of the US dollar prices of 24 commodities produced in Canada and sold in world markets, with weights updated on an annual basis.

Return to footnote 2 referrer

Footnote 3

Canadian dollar effective exchange rate index: a Bank of Canada trade-weighted index which measures the value of the Canadian dollar vis-à-vis the currencies of its most important trading partners.

Return to footnote 3 referrer

Footnote 4

The time series trade data do not include revisions to the historical figures.

Return to footnote 4 referrer

Footnote 5

Bank of Canada commodity price index, see previous page for details.

Return to footnote 5 referrer