Monthly Merchandise Trade Report

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

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Summary

Canadian merchandise exports rose 1.5% to $44.1 billion in December. The monthly increase in exports was entirely due to rising volumes, up 3.5%, while export prices declined 1.9%. Exports rose in 8 out of 11 sectors, led by metals and non-metallic mineral products. Imports increased by 2.3% to reach $44.7 billion in December, with gains due to volumes. With imports rising more than exports, Canada’s trade deficit widened from $335 million in November to $649 million in December.

For the year as a whole, exports increased 10.3% to $528.6 billion. Exports rose across all major sectors (11 out of 11), with the largest gains by values seen in energy (up 13.5%), consumer products (up 12.8%) and motor vehicles and parts (up 9.3%). Exports of aircraft and other transport equipment also saw strong gains, rising by $4.2 billion or 23.9% from a year earlier. Merchandise imports increased 7.6% to $523.4 billion in 2014.  A trade surplus of $5.2 billion was posted in 2014, following a deficit of $7.2 billion in 2013. For the first time in Canadian history, total two way trade (exports + imports) surpassed the $1 trillion mark, at just under $1.1 trillion in 2014.

A more comprehensive analysis of Canada’s trade performance in 2014 will be provided in the coming days by the Office of the Chief Economist.

Canadian Merchandise Exports

Canadian merchandise exports increased 1.5% to $44.1 billion in December due entirely to volumes (up 3.5%), while prices declined 1.9%. For 2014 as a whole, Canadian merchandise exports rose 10.3% compared to the previous year.

  • Exports were up in 8 out of 11 sectors in December. Exports of metal and non-metallic products led the gains, with an increase of 13.1% to a record $5.6 billion. Metal ores and non-metallic minerals also saw strong growth of 11.9% to reach $1.6 billion. A 10.3%-decrease in energy exports, and smaller decreases in chemical and aircraft exports partly offset the gains seen in the other export sectors.
  • On a geographical basis exports to the U.S. rose 0.6% from November to December. Exports also increased to China (9.1%), the UK (46.0%), Japan (7.2%), South Korea (5.8%) and Hong Kong (21.1%). Exports declined to Mexico (-19.5%), Germany (-9.6%), the Netherlands (-19.0%) and France (-1.1%).

Canadian Merchandise Imports

Canadian merchandise imports rose 2.3% to $44.7 billion in December. Import volumes increased 2.8%, while prices declined 0.5%. For the year as a whole, imports were 7.6% higher than in 2013.

  • For December, the main contributors to the increase in imports were energy products, motor vehicles and parts, and metal and non-metallic mineral products. Imports of motor vehicles advanced 3.3% to a record $8.1 billion in December.
  • The strongest percentage increases in imports were seen from France (up 17.2%) and the UK (up 16.1%), while imports from the U.S. rose 0.8% from November to December. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade deficit widened from $335 million in November to $649 million in December.

  • Canada’s monthly trade surplus with the U.S. narrowed from $3.2 billion in November to $3.1 billion in December, while  Canada’s deficit with the rest of the world widened from $3.5 billion in November to $3.8 billion in December.
  • For 2014 as a whole, Canada posted a trade surplus of just under $5.2 billion, compared to a $7.2-billion deficit in 2013.

 

Key Export Trade Statistics by Region – December 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States33.0890.6%6.8%400.02911.6%
EU3.63818.5%29.7%40.45614.6%
China1.6369.1%-8.6%20.494-5.9%
Japan0.8687.2%-13.7%11.0541.1%
Mexico0.620-19.5%12.9%6.8481.3%
Other4.204-3.1%13.0%49.6828.1%
All44.0551.5%7.9%528.56310.3%
Key Import Trade Statistics by Region – December 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States29.9690.8%9.6%349.84711.7%
EU4.127-0.1%17.4%49.2078.6%
China2.981-1.0%4.9%35.55011.2%
Japan0.7838.9%-2.6%9.174-4.3%
Mexico1.5893.5%6.1%17.2105.2%
Other 5.25514.2%-4.3%62.405-11.0%
All44.7042.3%7.6%523.3937.6%
Key Trade Balance Statistics – December 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports 44.0551.5%7.9%528.56310.3%
Imports44.7042.3%7.6%523.3937.6%
Trade Balance-0.649$-0.335$-0.6565.170$12.391
Key Export Trade Statistics by Sector – December 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.5433.7%9.2%31,03211.5%
Energy products8.557-10.3%-12.7%128.71013.5%
Metal ores and non-metallic minerals1.56611.9%2.4%18.3542.3%
Metal and non-metallic mineral products5.60813.1%31.8%57.6807.4%
Basic and industrial chemical, plastic and rubber products3.016-2.2%1.0%35.7651.8%
Forestry products and building and packaging materials3.1941.2%7.3%36.8869.3%
Industrial machinery, equipment and parts2.6204.6%14.1%29.4289.9%
Electronic and electrical equipment and parts2.2135.5%14.9%24.3768.3%
Motor vehicles and parts6.5973.6%12.4%74.5469.3%
Aircraft and other transportation equipment and parts1.874-3.7%24.4%21.54623.9%
Consumer goods5.2205.2%17.7%58.74512.8%
Key Import Trade Statistics by Sector – December 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.3598.0%25.2%15.10914.9%
Energy products3.4789.3%-7.5%43.292-1.0%
Metal ores and non-metallic minerals0.800-15.6%-17.3%10.845-5.9%
Metal and non-metallic mineral products4.2066.1%23.9%46.16315.3%
Basic and industrial chemical, plastic and rubber products3.7762.4%6.8%44.6539.4%
Forestry products and building and packaging materials1.9964.0%11.4%22.8268.5%
Industrial machinery, equipment and parts4.301-0.4%9.7%50.91612.2%
Electronic and electrical equipment and parts4.8562.1%4.3%58.6323.6%
Motor vehicles and parts8.0733.3%12.6%90.4006.3%
Aircraft and other transportation equipment and parts1.352-4.3%1.0%16.89313.1%
Consumer Goods9.0070.2%8.2%106.1748.9%
Key Trade Statistics Rates & Indices – December 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 1476.0558.1621.5-14.7%-23.4%
Can/Us Exchange Rate1.1531.1331.0641.8%8.4%
Trade weighted exchange rateFootnote 2106.9108.4113.4-1.3%-5.7%
Terms of trade (2007=100)94.495.797.0-1.4%-2.7%
 Canada-U.S. Trade in Billions of Dollars Footnote 3

 

 

Month

ExportsImports
December 2014 33.08929.969
November 201432.89429.720
October 201433.43330.471
September 201433.58530.017
August 201433.79829.588
July 201434.31629.281
June 201433.70929.057
May 201434.12329.075
April 201433.08328.526
March 201433.30128.576
February 201433.28128.410
January 201431.41527.187
December 201330.97527.348
Exports to the EU, China, Japan, Mexico and Others in Billions of Dollars Footnote 4
MonthExports to EUExports to China Exports to JapanExports to MexicoExports to Others
December 20143.6381.6360.8680.6204.204
November 20143.0711.4990.8100.7704.340
October 20143.9081.6630.9880.4854.043
September 20143.7301.7390.9720.5234.303
August 20143.5391.8540.9010.5474.100
July 20143.7481.7940.9970.5614.158
June 20143.6611.7800.9670.5504.324
May 20143.3591.7710.9010.5814.224
April 20142.6821.7870.9490.5623.984
March 20143.3791.6630.9440.5344.005
February 20143.0411.6400.9160.5433.942
January 20142.7001.6690.8420.5724.054
December 20132.8041.7901.0050.5493.718
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenMexican Peso
December 2014 92.394.0102.6106.5103.0
November 201493.994.7103.2105.798.4
October 201494.995.6102.699.198.3
September 201496.697.6102.8100.498.3
August 201497.498.6100.397.098.4
July 201499.1101.0100.497.599.0
June 201498.2100.799.197.098.1
May 201497.7100.397.596.297.1
April 201496.899.296.195.997.2
March 201495.897.395.094.897.2
February 201496.296.396.595.198.4
January 201497.296.897.997.698.8
December 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
December 201476.6102.963.297.1110.3
November 201489.8103.781.897.5111.2
October 201495.0103.390.198.5108.9
September 2014101.0104.498.8100.3108.1
August 2014102.7107.199.9100.1112.5
July 2014106.4108.9104.799.5115.9
June 2014108.8106.7110.295.3116.1
May 2014107.4106.9107.698.4114.1
April 2014107.2106.2107.997.6112.8
March 2014105.9105.9106.0100.7112.4
February 2014106.0101.9108.8101.2102.1
January 2014101.4101.4101.3101.8100.7
December 2013100.0100.0100.0100.0100.0

Footnotes

Footnote 1

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 1 referrer

Footnote 2

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 2 referrer

Footnote 3

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

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