Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, November 2016
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- In November, Canada recorded its first trade surplus with the world since September 2014.
- Exports were up 4.3% in November.
- Canada’s trade surplus with United States widened in November, to reach the largest surplus since June 2015.
- Exports to the United States rose in November, up 2.5% to $33.7 billion.
- Canada’s trade deficit with non-US countries is the smallest deficit since November 2014.
- Exports to countries other than United States rose 9.5% to a record $12.0 billion, with exports to China advancing 11.1% to $2.0 billion in November.
- Exports increased 4.3% in November, the highest level since the record in January 2016.
- Exports to non-US countries reached a record high, at $12 billion, surpassing the previous record set in December 2011.
- Imports were up 0.7%, mainly on higher imports of energy products.
- Year-to-date exports were $474.3 billion, down 1.2% from a year ago and imports, at $501.7 billion, were slightly down (-0.1%) from last year. The trade deficit over the first eleven months reached $27.4 billion, $5.3 billion greater than the same period a year ago.
Chart 1: Value of Canada's trade in goods, Nov. 2011 to Nov. 2016
Canadian Merchandise Exports
Exports were up 4.3%, or $1.9 billion, the highest level since the record in January 2016. Export volumes rose 3.5% and prices were up 0.8%. Overall, 10 of 11 sectors increased, a first since May 2014. Exports of metal and non-metallic mineral products led the gains, rising 10.6% to $5.3 billion, the highest value since December 2014. In particular, exports of unwrought precious metals and precious metal alloys advanced 24.3% (or $368 million) on larger shipments to Hong Kong and Switzerland. Year-to-date, total exports are down 1.2%, or $5.7 billion, over the January-November period of 2015.
Exports to China rose 11.1% to $2.0 billion in November, mostly on higher exports of coal. Exports to South Korea, Brazil and Japan were also higher.
Canadian Merchandise Imports
Total imports were up 0.7% to $45.1 billion, with 7 of 11 sectors recording gains. Prices increased 1.0%, while volumes were down 0.3%. Higher imports of energy products, (up 18.2%, or $369 million) and consumer goods, (up 1.2%, or $121 million) were mostly offset by lower imports of aircraft and other transportation equipment and parts, (down 17.2%, or $246 million) and motor vehicles and parts, (down 2.5%, or $224 million). Year-to-date, imports are down 0.1% (or $375 million), over the January-November period of 2015.
- In November 2016, Canada’s trade surplus with the United States widened from $3.2 billion in October to $4.2 billion, the largest surplus since June 2015.
- Exports to United States also rose in November, up 2.5% to $33.7 billion.
- Imports from United States were down 0.7% to $29.5 billion.
Source: CANSIM Table 228-0069, Merchandise imports and exports, Balance of payments basis, seasonally adjusted, current dollars.
Countries other than United States:
- In November 2016, exports to non-US countries reached a record high of $12.0 billion, surpassing the previous record set in December 2011.
- China led the increase in exports, mostly on higher exports of coal.
- Exports to South Korea, Brazil and Japan were also higher in November.
- Imports from non-US countries also increased, up 3.5% to $15.6 billion, largely led by higher imports of crude oil from Norway, Algeria and Saudi Arabia.
- Canada’s trade deficit with countries other than the US narrowed from $4.2 billion in October, to $3.7 billion in November, the smallest deficit since November 2014.
Industrial Machinery & Equipment
Electronic./Electric. Machin. & Equip.
Aircrafts/Other Transportation Equip.
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