Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, December 2016
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Canada’s exports reached a monthly record in December, led by exports to non-US countries.
- Canada’s trade surplus with the world narrowed from a revised $1.0 billion in November to $923 million in December, its second consecutive monthly trade surplus.
- For the year as a whole, the annual merchandise trade deficit with the world widened from $23.0 billion in 2015 to $26.1 billion in 2016.
- Exports were up 0.8% in December, to a record $46.4 billion.
- Exports increased on higher energy product prices.
- This is the third consecutive monthly gain in exports.
- Exports were up despite declines in several sectors.
- In 2016, total annual exports were down 0.7% to $521.1 billion.
- Imports increased 1.0% in December, to $45.5 billion.
- Most sectors recorded gains.
- Aircraft, industrial machinery, and metals drove the increase in imports.
- Total annual imports edged down 0.1% to $547.2 billion.
Chart 1: Value of Canada's trade in goods, Dec. 2011 to Dec. 2016
Source: CANSIM Table 228-0059, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: Exports were up 0.8%, to $46.4 billion in December, despite declines in 7 of 11 sectors. Export of energy products rose 15.9% to $8.5 billion, the highest value since November 2014. Crude oil and crude bitumen was the main contributor to the increase, up 17.2% to $5.7 billion, on higher prices. Natural gas exports were also up in December, rising 36.0% to $1.1 billion as below-average seasonal temperatures in northeastern United States drove up natural gas prices. Excluding energy, exports fell 2.1%.
Compared to December last year, total exports increased 3.4%.
Canadian Merchandise Imports
Canadian merchandise imports: Imports were up 1.0%, to $45.5 billion, with 6 of 11 sectors recording gains, led by higher imports of aircraft and other transportation equipment and parts; industrial machinery, equipment and parts and metal and non-metallic mineral products.
Compared to December last year, total imports declined 0.7%.
- Canada’s trade surplus with the United States narrowed to $4.4 billion in December, from $4.7 billion in November.
- Exports to the United States edged up 0.2% to $34.2 billion in December.
- Imports from the United States increased 1.3% to $29.7 billion.
|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 US narrowed to $3.5 billion in December, from $3.7 billion in November.
- Exports to non-US countries rose 2.6% in December to a record $12.3 billion.
- Exports to Switzerland (+218 million) and Spain (+126 million) led the increase.
- Imports from countries other than United States increased 0.5% to $15.8 billion, largely led by higher imports from Mexico.
Exports rose 0.8% to a record $46.4 billion, despite decreases in 7 of 11 sectors. Export volumes decreased 1.4%.
- Exports of energy products rose 15.9% to $8.5 billion, the highest value since November 2014.
- Exports of crude oil and crude bitumen was the main contributor, up 17.2% to $5.7 billion.
- Natural gas exports were also up in December, rising 36.0% to $1.1 billion.
- Exports of motor vehicles and parts were down 5.2% to $7.4 billion in December, the lowest level since June 2015.
- Exports of passenger cars and light trucks led the decline and fell 6.2% to $4.8 billion.
- Following a 25.8% gain in November, exports of metal ores and non-metallic minerals decreased 12.6% to $1.4 billion.
- Lower exports of iron ores and concentrates led the decline, down 36.9% to $254 million.
- Copper ores and concentrates also decreased, falling 30.2% to $246 million, mostly on lower exports to India.
In December, imports were up 1.0%, with 6 of 11 sectors recording gains. Import volumes were up 0.4%.
- Imports of aircraft and other transportation equipment and parts increased 21.8% to 1.5$ billion.
- Imports of aircraft increased $194 million, and imports of aircraft engines and parts rose $110 million.
- Imports of Industrial machinery, equipment and parts increased 6.4% to $4.3 billion, with all commodity groupings recording gains. Excluding the large increase in September owing to the import of a module for the Hebron offshore oil project, this is the largest increase since January 2015.
- Imports of metal and non-metallic mineral products were up 6.3% to $3.9 billion on higher volumes.
- Unwrought precious metals and precious metal alloys rose 28.0% to $941 million (mostly unwrought gold).
|Industrial Machinery & Equipment||2,710||0.2%||4,312||-1.2%|
|Electronic./Electric. Machin. & Equip.||2,388||2.2%||5,256||-0.2%|
|Aircrafts/Other Transportation Equip.||2,206||-5.4%||1,475||-12.2%|
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: