Monthly Merchandise Trade Report

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

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Summary

Canadian merchandise exports rose by 3.5% reaching $44.2 billion in May as volumes rose 4.2% while prices fell by 0.7%. This was the second highest value of exports recorded after October 2008. Exports of motor vehicles and parts as well as energy products were the principal contributors to the rise. Imports were also up by 1.6%, reaching $44.3 billion in May. The rise was likewise due to higher volumes (up 2.4%), and falling prices (down by 0.8%). With exports growing faster than imports, Canada’s trade balance with the world moved from a deficit of $961 million in April to one of $152 million in May. 

Canadian Merchandise Exports

Canadian merchandise exports increased 3.5% to $44.2 billion in May as volumes were up 4.2%, and prices were down 0.7%. Motor vehicles and parts and energy products led the rise in exports, increasing by $593 million (9.8%) and $359 million (3.4%), respectively, from the previous month. Six other sectors also contributed to higher export levels.

  • Partially offsetting the rise were declines of exports in electronic and electrical equipment and parts (down $67 million or 3.3%), industrial machinery, equipment and parts (down $35 million or 1.4%), as well as metal and non-metallic mineral products (down $19 million or 0.4%).
  • On a geographic basis, Canadian exports to all major destinations were up except to Japan. Exports to the U.S. and the EU were up 2.1% and 22.7%, respectively, while exports to all other destinations were up by 7.5%. Canada’s exports to Japan fell by 5.2%.
  • On a year-to-date basis merchandise exports were up 9.0% in 2014 compared to the first five months of 2013.  

Canadian Merchandise Imports

Canadian merchandise imports rose 1.6% to $44.3 billion in May primarily due to volumes (up 2.4%), as prices fell only slightly (down 0.8%).
The monthly increase in imports was mainly attributable to higher imports of motor vehicles and parts, up $487 million (6.7%); metal ores and non-metallic minerals, up $308 million (44.5%); and aircraft and other transportation equipment and parts, up $153 million (12.7%).

  • Decreases in six of the eleven major sectors, notably in energy products as well as metal and non-metallic mineral products - down by $136 million (3.6%) and $110 million (2.9%), respectively - moderated the overall increase in Canadian imports.
  • Geographically, imports from all major sources were up except from the U.S. – imports from the U.S. were down 0.2%. Imports from Japan rose the most (up by 16.0%), followed closely by imports from the EU (up 12.4%). Imports from all other sources were up by 1.3%.
  • For the first five months of 2014, imports were 6.9% higher than for the same period of the previous year. 

Canada’s Merchandise Trade Balance

  • Canada’s merchandise trade balance moved from a $961-million deficit in April to a deficit of $152 million in the fifth month of 2014.
  • Canada’s monthly trade surplus with the U.S. rose from $4.0 billion in April to $4.8 billion in May.
  • Canada’s deficit with the rest of the world (non-U.S. trade partners) narrowed by $0.1 billion in May to $4.9 billion.
  • Year-to-date for 2014, Canada has posted a trade surplus of $391 million. 
Key Export Trade Statistics by Region – May 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States33.4662.1%14.5%163.70512.2%
EU3.30422.7%27.8%15.316-2.4%
Japan0.881-5.2%-1.2%4.483-4.2%
Other6.5167.5%-0.9%31.5241.7%
All44.1673.5%12.7%215.0289.0%
Key Import Trade Statistics by Region – May 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States28.705-0.2%11.2%141.53511.1%
EU4.61212.4%5.5%20.1365.4%
Japan0.87616.0%-5.2%3.883-4.8%
Other10.1261.3%9.4%49.083-2.3%
All44.3191.6%9.8%214.6376.9%
Key Trade Balance Statistics – May 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports44.1673.5%12.7%215.0289.0%
Imports44.3191.6%9.8%214.6376.9%
Trade Balance-0.152$0.981-$1.1550.391-$3.592
Trade with ChinaFootnote 1 (Customs basis) – May 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports1.837n.a.2.1%7.871-6.8%
Imports4.685n.a.14.6%22.25114.3%
Trade Balance-2.849n.a.-$2.290-14.380-$11.021
Key Export Trade Statistics by Sector – May 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.7225.8%15.7%12.6015.6%
Energy products10.8953.4%21.9%56.22424.4%
Metal ores and non-metallic minerals1.5681.9%1.7%7.5551.1%
Metal and non-metallic mineral products4.372-0.4%2.9%21.894-6.2%
Basic and industrial chemical, plastic and rubber products2.9665.8%0.9%14.468-0.7%
Forestry products and building and packaging materials3.2182.4%13.5%15.0908.9%
Industrial machinery, equipment and parts2.428-1.4%9.3%11.8648.7%
Electronic and electrical equipment and parts1.982-3.3%4.6%9.7823.6%
Motor vehicles and parts6.6179.8%20.3%29.5557.2%
Aircraft and other transportation equipment and parts1.6812.5%20.0%7.97111.8%
Consumer goods4.7594.4%7.1%23.3358.7%
Key Import Trade Statistics by Sector – May 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.263-3.3%8.9%6.23613.6%
Energy products3.638-3.6%-1.6%18.9450.6%
Metal ores and non-metallic minerals1.00044.5%28.6%4.482-14.3%
Metal and non-metallic mineral products3.716-2.9%11.9%18.3757.6%
Basic and industrial chemical, plastic and rubber products3.849-2.7%13.6%18.41712.0%
Forestry products and building and packaging materials1.859-3.0%7.9%9.3207.3%
Industrial machinery, equipment and parts4.2522.5%12.7%20.84712.0%
Electronic and electrical equipment and parts4.9770.1%1.1%24.4014.9%
Motor vehicles and parts7.7996.7%11.9%36.1924.1%
Aircraft and other transportation equipment and parts1.35612.7%35.8%6.42712.6%
Consumer Goods9.010-0.6%9.6%43.7659.4%
Key Trade Statistics Rates & Indices – May 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 2668.6668.1635.30.1%5.2%
Can/Us Exchange Rate1.0891.0991.020-0.9%6.8%
Trade weighted exchange rateFootnote 3110.6109.6118.70.9%-6.9%
Terms of trade (2007=100)97.897.999.5-0.1%-1.7%
Canada-U.S. TradeFootnote 4 in Billions of Dollars
MonthExportsImports
May 201433.46628.705
April 201432.77628.763
March 201433.25328.615
February 201433.11128.224
January 201431.10027.228
December 201331.18727.500
November 201330.20127.327
October 201330.21726.715
September 201331.05426.399
August 201330.67426.039
July 201329.72426.303
June 201329.72125.652
May 201329.21825.811
Trade with EU, Japan and OthersFootnote 4 in Billions of Dollars
MonthExports to EUImports from EUExports to JapanImports from JapanExports to OthersImports from Others
May 20143.3044.6120.8810.8766.51610.126
April 20142.6934.1050.9290.7556.2639.998
March 20143.4513.9640.9300.6986.2469.648
February 20143.1453.7480.9180.7406.1989.774
January 20142.7223.7080.8250.8146.3019.536
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
June 20133.0733.6550.8420.8146.2119.747
May 20132.5864.3730.8920.9236.5109.252
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenGBP
May 201493.695.188.594.585.0
April 201492.894.187.294.284.7
March 201491.892.386.293.284.5
February 201492.391.487.793.485.2
January 201493.291.988.995.986.5
December 201395.994.990.898.289.5
November 201397.296.593.596.592.2
October 201398.497.893.695.493.5
September 201398.698.395.897.094.9
August 201398.097.795.595.096.6
July 201398.097.997.396.998.8
June 201398.998.997.395.397.6
May 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
May 201496.5101.295.895.698.5
April 201496.9101.795.696.599.5
March 201497.9101.697.393.199.9
February 201497.7105.494.892.6110.3
January 2014102.2105.6101.791.9111.8
December 2013103.7107.2103.393.6112.7
November 2013109.6105.3114.491.7109.9
October 2013104.2105.0105.595.2109.9
September 201399.6104.298.497.6107.5
August 201398.4102.897.3100.9102.4
July 201398.3104.096.5103.8100.7
June 2013101.5102.6102.5105.598.4
May 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.

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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.

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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.

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Footnote 4

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

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Footnote 5

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

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