Monthly Merchandise Trade Report

Monthly Report on Canada's International Merchandise Trade Performance, January 2015

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Summary

Canada’s merchandise exports declined 2.8% to $42.6 billion in January, while imports remained unchanged from the previous month. Just over half of the decline in exports was due to a decline in prices, mostly occasioned by the falling price of crude oil in the international markets. Meanwhile, a slight uptick in import prices was fully compensated by a slight downward shift in import volumes. The combined effect of the declining exports and stable imports was to widen the monthly merchandise trade deficit to $2.5 billion in January. Nevertheless, monthly exports are 3.4% above their January 2014 levels, while imports are 8.8% above January 2014.

Canadian Merchandise Exports

Canadian merchandise exports fell by $1.2 billion in January. The 2.8% drop was brought about by a 1.5% price decline and a 1.3% decline in volumes.

  • The total decline in exports was roughly equal to the decline in energy products exports. The loss of $1.2 billion in this export category was entirely due to prices, as volumes actually increased. Crude oil and crude bitumen were behind the declines. Another contributor to the decline in exports was metal and non-metallic mineral products, whose exports dropped $0.5 billion. The latter decline was offset, however, by growth in exports of motor vehicles and parts (up $0.2 billion), aircraft (up $0.2 billion) and farm, fish and food products (up $0.1 billion).
  • On a geographic basis, exports to the U.S. fell 3.1% in January, or roughly $1.0 billion. A large expansion in exports to the UK by $0.4 billion (up 23.8%) saw them overtake exports to China (down 0.8%). Exports to Japan also rose (up 5.2%), but most of Canada’s other large export partners saw declines. Exports were down to the Netherlands 43.6%, to Hong Kong 17.8%, to France 7.1% and to Germany 6.9%.

Canadian Merchandise Imports

Canadian merchandise imports remained virtually unchanged at $45.1 billion in January.

  • While the total remained unchanged, there was a considerable price-related fall in energy imports, though energy import volumes also decreased. The import reduction of $0.7 billion in this area was offset by expanded imports in two sections: electronic and electrical equipment and parts, which rose 9.3%, mostly on volumes, to add $0.5 billion to imports; and industrial machinery, equipment and parts, which rose 8.2% through a mix of prices and volumes and added $0.4 billion to imports.
  • Overall changes in prices and volumes were of small significance, as import prices edged up 0.1% and import volumes shifted down 0.1%. 
  • On a geographic basis, imports from the United States remained stable, while imports from China rose 8.3%, an increase of $250 million. Imports from Germany also rose 3.2% and those from Netherlands 3.7%, while imports from the UK were down 19.6% and imports from France down 7.2%.

Canada’s Merchandise Trade Balance

Canada’s merchandise trade deficit widened to $2.5 billion in January from $1.2 billion in December.  

  • Trade surplus with the U.S. shrank from $2.2 billion in December to $1.2 billion in January. That represented the lowest bilateral surplus with our largest trading partner since 1992. Canada’s trade deficit with the rest of the world widened from $3.4 billion in December to $3.7 billion in January, with an expanding deficit with China mitigated by the increasing surplus with the UK.

 

 

Key Export Trade Statistics by Region – January 2015
Region$ billionsChange over previous monthChange over previous yearYTD 2015 $ billionsYTD change over previous year
United States31,751-3.11.231,7511.2
EU3,507-5.630.33,50730.3
China1,625-0.8-3.41,625-3.3
Japan0.9415.213.10.94113.1
Mexico0.587-2.34.40.5874.4
Other4,200-0.53.34,2003.3
All42,611-2.83.442,6113.4

 

Key Import Trade Statistics by Region – January 2015
Region$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change over previous year (%)
United States30,541-0.112.030,54112.0
EU3,966-5.25.13,9665.1
China3,2728.316.83,27216.8
Japan0.7920.0-0.10.792-0.1
Mexico1,550-2.510.61,55010.6
Other4,9420.7-8.04,942-8.0
All45,0630.08.845,0638.8

 

Key Trade Balance Statistics – January 2015
Activity$ billionsChange over previous monthChange over previous yearYTD 2015 $ billionsYTD change over previous year
Exports 42.611-2.8%3.4%42.6113.4%
Imports45.0630.0%8.8%45.0638.8%
Trade Balance-2.452$-1.218$-0.221-2.452$-0.221

 

Key Export Trade Statistics by Sector – January 2015
Sector$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change previous year (%)
Farm, fishing and intermediate food products2,7224.512.02,72212.0
Energy products7,041-14.7-35.77,041-35.7
Metal ores and non-metallic minerals1,5670.06.81,5676.8
Metal and non-metallic mineral products5,109-8.624.15,10924.1
Basic and industrial chemical, plastic and rubber products2,950-1.80.42,9500.4
Forestry products and building and packaging materials3,2892.69.73,2899.7
Industrial machinery, equipment and parts2,6470.919.42,64719.4
Electronic and electrical equipment and parts2,2210.117.22,22117.2
Motor vehicles and parts6,8583.129.76,85829.7
Aircraft and other transportation equipment and parts2,0218.045.62,02145.6
Consumer goods5,176-0.813.45,17613.4

 

Key Import Trade Statistics by Sector – January 2015
Sector$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change previous year (%)
Farm, fishing and intermediate food products1,319-2.18.91,3198.9
Energy products2,735-19.2-26.52,735-26.5
Metal ores and non-metallic minerals0.789-0.7-8.3789-8.3
Metal and non-metallic mineral products4,218-0.218.84,21818.8
Basic and industrial chemical, plastic and rubber products3,723-1.87.13,7237.1
Forestry products and building and packaging materials2,0361.412.92,03612.9
Industrial machinery, equipment and parts4,6968.216.94,69616.9
Electronic and electrical equipment and parts5,3369.310.15,33610.1
Motor vehicles and parts7,968-2.015.47,96815.4
Aircraft and other transportation equipment and parts1,5089.021.21,50821.2
Consumer goods9,0810.27.89,0817.8

  

Key Trade Statistics Rates & Indices – January 2015
TypeCurrent monthPrevious monthSame month previous yearChange over previous month (%)Change over same month previous year (%)
Commodity Price IndexFootnote 1420.4476.3629.9-11.7-33.3
Can/Us Exchange Rate1.1331.1531.094-1.83.5
Trade weighted exchange rateFootnote 2108.4106.9110.51.3-1.9
Terms of trade (2007=100)94.094.398.5-0.3-4.6
Canada-U.S. Trade in Billions of Dollars Footnote 3
MonthExportsImports
January 201531.75130.541
December 201432.77030.566
November 201433.13929.836
October 201433.35130.470
September 201433.53030.021
August 201433.72629.556
July 201434.32729.292
June 201433.72829.051
May 201434.18029.087
April 201433.21828.520
March 201433.42028.603
February 201433.25528.401
January 201431.36027.273

 

 
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
January 20153.5071.6250.9410.5874.201
December 20143.7151.6380.8940.6014.223
November 20143.1011.5140.8190.7804.345
October 20143.9061.6580.9920.4844.042
September 20143.7201.7290.9730.5244.305
August 20143.5351.8460.9020.5494.106
July 20143.7451.7890.9990.5634.163
June 20143.6541.7770.9680.5524.327
May 20143.3541.7670.9010.5814.213
April 20142.6761.7910.9520.5643.982
March 20143.3741.6660.9450.5354.010
February 20143.0201.6410.9100.5393.926
January 20142.6921.6810.8320.5624.064

Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenMexican Peso
January 201596.696.3105.5108.399.5
December 201494.997.0104.8109.1104.2
November 201496.697.8105.5108.399.5
October 201497.698.7104.8101.699.5
September 201499.4100.8105.0102.999.5
August 2014100.1101.8102.499.399.5
July 2014101.9104.3102.599.9100.1
June 2014101.0104.0101.299.499.3
May 2014100.4103.699.698.598.2
April 201499.6102.498.198.398.4
March 201498.5100.597.097.198.3
February 201499.099.498.697.499.5
January 2014100.0100.0100.0100.0100.0

Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
January 201566.799.450.795.2104.1
December 201475.6101.662.495.3109.9
November 201488.6102.280.795.8110.4
October 201493.8101.888.996.7108.2
September 201499.7103.097.598.4107.4
August 2014101.3105.698.698.3111.8
July 2014105.0107.4103.497.7115.1
June 2014107.4105.2108.893.6115.3
May 2014105.9105.4106.396.7113.3
April 2014105.8104.7106.595.9112.0
March 2014104.5104.4104.698.9111.7
February 2014104.6100.4107.499.4101.4
January 2014100.0100.0100.0100.0100.0

 

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.

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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.

Return to footnote 5 referrer