Monthly Merchandise Trade Report

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

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Summary

Canada’s merchandise exports increased 0.4% in February as a sharp increase in energy exports was largely offset by a fall in automotive exports. With imports falling 0.7% the trade deficit narrowed to $984 million.

Canadian Merchandise Exports

Canadian merchandise exports increased 0.4% in February as a sharp rise in prices, up 3.9%, more than offset a 3.3% decline in volumes.

  • The largest gain, in both absolute and percentage terms, were exports of energy which jumped by $1.1 billion in February – a 14.9% increase over January. The increase in energy exports was broad-based with crude oil exports advancing 9.3%, natural gas exports shooting up 45.1% and refined petroleum products improving 22.2%. The gain was due to prices which were 17.5% stronger compared to January’s level. Volumes were down 2.3%. Year-to-date, exports of energy are still 28.7% below the same period in 2014.
  • Other products seeing a gain in February were aircraft and other transportation equipment (up 8.2%), electronics and electrical equipment (up 4.6%) and consumer goods and industrial machinery which each increased by less than 2%. Exports of motor vehicles and parts saw a sharp decline in February, declining 15.1%, but were still up 1.5% from the same month a year earlier.
  • With large but off-setting movements in exports of both energy and motor vehicles, two sectors that are highly focused on the U.S. market, the net effect on exports to the U.S. was relatively modest. Exports to the U.S. increased 1.1% in February. Of Canada’s top export destinations, exports to South Korea saw the largest increase, advancing 23.2% followed by the Netherlands (up 16.9%) and France (up 15.1%). Exports to the UK, however, saw a sharp decline falling 29.8% as did exports to Japan, down 21.4%.

Canadian Merchandise Imports

Canadian merchandise imports retreated 0.7% as a 1.7% fall in volumes overwhelmed a 1.1% increase in prices.

  • The fall in imports was widespread among products with seven out of eleven categories witnessing a decline. The sharpest drop in imports was of energy products which fell 7.0%.
  • Imports from the U.S. fell by $365 million or 1.2% in February. Other top import sources that saw a decline were Germany (down 4.1%), Japan (down 3.9%) and China (down 2.0%). Imports from South Korea advanced a modest 0.8% in February compared to January. Compared to February 2014, however, imports we up 9.6%. Imports from a number of EU countries also advanced with imports from France up 15.9%, those from the Netherlands up 12.9% and from the UK up 6.3%. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade deficit narrowed in February, falling to $984 million from a deficit of $1.5 billion in January.  Canada’s surplus with the U.S. widened to $2.9 billion - an improvement of $709 million. At the same time, Canada’s merchandise trade deficit with the rest of the world widened to $3.9 billion, an increase of $218 million from January. 

Key Export Trade Statistics by Region – February 2015
Region$ billionsChange over previous monthChange over previous yearYTD 2015 $ billionsYTD change over previous year
United States32.7521.1-1.465.1600.7
EU3.256-7.37.56.76818.2
China1.7515.06.03.4202.6
Japan0.730-21.4-23.61.658-6.7
Mexico0.6042.212.51.1958.4
Other4.4284.513.08.6668.2
All43.5210.40.586.8662.6
Key Import Trade Statistics by Region – February 2015
Region$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change over previous year (%)
United States29.803-1.24.4     59.9717.6
EU4.0622.29.2       8.0377.3
China3.209-2.011.9       6.48314.4
Japan0.769-3.92.0       1.5681.6
Mexico1.6475.123.2       3.21317.2
Other5.015-0.4-7.7     10.053-7.1
All44.505-0.74.3     89.3256.4
Key Trade Balance Statistics – February 2015
Activity$ billionsChange over previous monthChange over previous yearYTD 2015 $ billionsYTD change over previous year
Exports 43.5210.4%0.5%86.8662.6%
Imports44.505-0.7%4.3%89.3256.4%
Trade Balance-0.984$-1.475$-0.638-2.458$0.700
Key Export Trade Statistics by Sector – February 2015
Sector$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change previous year (%)
Farm, fishing and intermediate food products2.668-1.415.15.37213.8
Energy products8.78314.9-26.716.429-28.7
Metal ores and non-metallic minerals1.585-1.00.33.1874.4
Metal and non-metallic mineral products4.957-2.615.710.04719.7
Basic and industrial chemical, plastic and rubber products2.872-2.1-4.95.807-2.4
Forestry products and building and packaging materials3.242-1.29.76.5269.7
Industrial machinery, equipment and parts2.6891.416.95.34018.0
Electronic and electrical equipment and parts2.3504.623.14.59720.2
Motor vehicles and parts5.898-15.11.512.84514.9
Aircraft and other transportation equipment and parts2.2118.243.44.25544.4
Consumer goods5.2751.712.910.46213.1
Key Import Trade Statistics by Sector – February 2015
Sector$ billionsChange over previous month (%)Change over previous year (%)YTD 2015 $ billionsYTD change previous year (%)
Farm, fishing and intermediate food products1.3220.36.62.6407.8
Energy products2.547-7.0-34.55.285-30.6
Metal ores and non-metallic minerals0.91816.3-3.51.708-5.5
Metal and non-metallic mineral products4.182-1.114.98.41017.0
Basic and industrial chemical, plastic and rubber products3.556-4.61.37.2824.3
Forestry products and building and packaging materials2.023-0.88.34.06210.6
Industrial machinery, equipment and parts4.500-4.36.09.20411.5
Electronic and electrical equipment and parts5.339-0.39.710.69210.2
Motor vehicles and parts7.539-4.74.315.4479.7
Aircraft and other transportation equipment and parts1.6797.925.33.23425.0
Consumer goods9.1990.99.018.3168.6
Key Trade Statistics Rates & Indices – February 2015
TypeCurrent monthPrevious monthSame month previous yearChange over previous month (%)Change over same month previous year (%)
Commodity Price IndexFootnote 1428.1420.4658.91.8-35.0
Can/Us Exchange Rate1.2501.2121.1063.213.1
Trade weighted exchange rateFootnote 299.6102.7109.1-3.0-8.7
Terms of trade (2007=100)96.193.8100.82.5-4.7
Canada-U.S. Trade in Billions of DollarsFootnote 3
MonthExportsImports
February 201532.75229.803
January 201532.40830.169
December 201432.98430.530
November 201433.10429.807
October 201433.46330.455
September 201433.58630.003
August 201433.72529.552
July 201434.25129.302
June 201433.72429.077
May 201434.10529.079
April 201433.14228.556
March 201433.23228.654
February 201433.208

28.550

Exports to the EU, China, Japan, Mexico and Others in Billions of DollarsFootnote 4
MonthExports to EUExports to China Exports to JapanExports to MexicoExports to Others
February 20153.2561.7520.7300.6044.428
January 20153.5121.6680.9280.5914.237
December 20143.6951.6830.8690.6044.255
November 20143.0941.5230.8100.7764.322
October 20143.9161.6780.9910.4844.064
September 20143.7311.7320.9740.5264.302
August 20143.5381.8450.9020.5494.165
July 20143.7411.8070.9980.5624.179
June 20143.6581.7720.9700.5544.316
May 20143.3531.7630.8980.5794.190
April 20142.6771.7920.9540.5623.970
March 20143.3651.6600.9420.5323.988
February 20143.0281.6530.9550.537

3.918 

Exchange Rate Indices (CAN $ vs.)

Month

USDChinese RenminbiEURJapanese YenMexican Peso
February 201588.490.9106.5102.899.3
January 201591.293.3107.4105.6100.9
December 201495.997.6106.3112.0104.7
November 201497.698.3106.9111.2100.0
October 201498.699.3106.3104.3100.0
September 2014100.4101.3106.4105.6100.0
August 2014101.2102.4103.9102.0100.0
July 2014102.9104.9104.0102.6100.6
June 2014102.1104.6102.6102.099.8
May 2014101.5104.1101.0101.298.7
April 2014100.6102.999.5100.998.9
March 201499.5101.198.499.798.8
February 2014100.0100.0100.0100.0100.0

Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
February 201565.096.850.192.999.7
January 201563.898.947.295.8102.7
December 201472.3101.258.195.9108.4
November 201484.7101.875.196.3109.0
October 201489.6101.482.897.3106.8
September 201495.3102.590.899.0106.0
August 201496.9105.191.898.8110.3
July 2014100.3106.996.398.2113.5
June 2014102.6104.7101.394.1113.7
May 2014101.3104.998.997.2111.8
April 2014101.1104.399.196.4110.5
March 201499.9103.997.499.5110.2
February 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. 

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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