Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, February 2017
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Canadian exports were down 2.4% in February, while imports edged up 0.6%.
- Following three consecutive monthly surpluses, Canada’s merchandise trade balance with the world switched to a $972-million deficit in February.
- After reaching a record in January, total exports fell 2.4% to $45.3 billion in February, on lower volumes.
- The decline in exports was broad-based with declines in most sectors.
- The United States, China and South Korea, led the decline in exports.
- Imports edged up 0.6% in February, to $46.3 billion, on higher imports of motor vehicles and parts.
- Imports were up despite declines in most sectors.
- Increased imports from countries other than the United States more than offset a fall in imports from the United States.
Chart 1: Value of Canada's trade in goods, February 2012 to February 2017
Source: CANSIM Table 228-0059, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: Exports were down 2.4% (or $1.1 billion), to $45.3 billion in February, with 8 of 11 sectors recording losses. Lower exports of farm, fishing and intermediate food products (-10.6%, to $2.7 billion), as well as aircraft and other transportation equipment and parts (-15.2%, to $1.6 billion) were the main contributors to the decrease.
Year-to-date, exports were up 3.4%, compared to the same period in 2016.
Canadian Merchandise Imports
Canadian merchandise imports: Imports rose 0.6%, to $46.3 billion, despite declines in 7 of 11 sectors. Higher imports of special transactions trade1 (+33.1%, to $815 million), from an atypically low level in January, led the increase. Imports were also higher for motor vehicles and parts, as well as farm, fishing and intermediate food products.
Year-to-date, total imports increased 0.1%.
1This commodity grouping includes low-valued transactions, value of repairs to equipment, as well as an estimate for the late documentation of transactions.
- Canada’s trade surplus with the United States widened slightly to $4.5 billion in February, from $4.4 billion in January.
- Exports to the United States were down 1.2% to $34.4 billion in February.
- Imports from the United States decreased 1.6% to $29.9 billion, led by lower imports of aircraft and crude oil.
|Source: CANSIM Table 228-0069, Merchandise imports and exports, Balance of payments basis, seasonally adjusted, current dollars.|
Countries other than United States:
- Canada’s trade deficit with countries other than the U.S. widened to $5.4 billion in February, from $4.0 billion in January.
- Exports to non-U.S. countries fell 5.9% to $11.0 billion.
- Fewer exports to China (Canola) and South Korea (coal) were responsible for the drop.
- Imports from countries other than United States increased 4.9% to $16.4 billion, on higher imports from Japan, Norway and Brazil.
In February, exports declined 2.4% to $45.3 billion on lower volumes. Decreases were observed in 8 of 11 sectors. Export volumes were down 2.5% while export prices rose 0.1%.
- Exports of aircraft and other transportation equipment and parts decreased 15.2% to $1.6 billion.
- Leading the decline were exports of aircraft, down 23.1% to $447 million, a third consecutive monthly decrease.
Exports of boats and other personal transportation equipment, down 41.1% to $181million, also contributed to the movement.
- Exports of farm, fishing and intermediate food products fell 10.6% to $2.7 billion.
- Canola (down 33.7% to $552 million) contributed the most to the decline, although this is after more than doubling over the past three months.
- Exports of consumer goods were down 4.3% to $5.7 billion, a second consecutive decrease.
- Miscellaneous goods and supplies led the decrease, down 17.5% to $640 million, mostly on lower exports of gold coins to the United States.
- Exports of metal and non-metallic mineral products increased 5.7% to $5.1 billion.
- Exports of industrial machinery, equipment and parts increased 2.6% to $2.7 billion.
In February, imports rose 0.6% to $46.3 billion, despite declines in 7 of 11 sectors. Import volumes and prices were both up 0.3%.
- Special transactions trade led the increases in imports, up 33.1% to $815 million.
- This commodity grouping includes low-valued transactions, value of repairs to equipment, as well as an estimate for the late documentation of transactions.
- Imports of motor vehicles and parts rose 1.8% to $9.1 billion, the highest value since the record in August 2016.
- Imports of passenger cars and light trucks led the increase, up 1.9% to $4.2 billion.
- Imports of farm, fishing and intermediate food products increased 8.7% to $1.4 billion.
- Imports of food and tobacco were up 14.1% to $321million, mainly on higher imports of tobacco.
|Industrial Machinery & Equipment||2,732||0.2%||4,133||-6.7%|
|Electronic./Electric. Machin. & Equip.||2,279||-6.3%||5,356||-0.2%|
|Aircrafts/Other Transportation Equip.||1,609||-21.0%||1,545||-13.2%|
Source: CANSIM 228-0059, North American Product Classification System 2007 – seasonally adjusted. Totals don’t add up as “Special transactions trade” and “Other balance of payments adjustments” are not included.
- Date Modified: