Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, July 2017
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Exports fell in July, but imports fell more so.
- Canada’s merchandise trade deficit fell to $3.0 billion in July, from a $3.8-billion deficit in June.
- Total exports fell 4.9% to $44.1 billion in July, following a decline in June.
- Exports decreased in most sectors.
- Lower prices were behind much of the decline.
- After seven consecutive monthly increases, imports fell 6.0% in July, to $47.2 billion.
- Imports declined in all commodity sectors and prices were largely responsible for this decrease.
Chart 1: Value of Canada's trade in goods, July 2012 to July 2017
Source: CANSIM Table 228-0059, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: After posting a 5.0% decline in June, total exports were down 4.9% (or $2.3 billion), to $44.1 billion in July. This occurred as the Canadian dollar gained 3.6 cents US relative to the American dollar from June to July. Motor vehicles and parts (-9.6%, to $7.4 billion), as well as aircraft and other transportation equipment and parts (-18.3%, to $1.8 billion) were the main contributors to the decrease.
For the first seven months of the year, exports were up 9.4%, compared to the same period last year.
Canadian Merchandise Imports
Canadian merchandise imports: After seven consecutive monthly increases, total imports fell 6.0%, to $47.2 billion; prices, (down 3.8%), were largely responsible for this decrease. Lower imports of aircraft and other transportation equipment and parts (-35.2%, to $1.6 billion), and motor vehicles and parts (-4.4%, to $9.1 billion), led the decrease in July.
For the first seven months of the year, total imports were up 6.0% compared to the same period last year.
- Canada’s trade surplus with the United States widened to $2.9 billion in July, from $1.8 billion in June.
- Exports to the United States were down 3.2% to $33.3 billion in July, mainly on lower exports of passenger cars and light trucks.
- Imports from the United States decreased 6.7% to $30.4 billion, led by lower imports of aircraft.
|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. rose from $5.6 billion in June, to $5.9 billion in July.
- Exports to non-U.S. countries declined 10.0% to $10.8 billion.
- Lower exports to the United Kingdom (unwrought gold), to Japan (copper, canola and seafood) and Saudi Arabia (personal transportation equipment) were responsible for the decrease.
- Imports from countries other than United States were down 4.7% with lower imports of bauxite from Brazil and motor vehicles parts from Mexico.
In July, exports declined 4.9% to $44.1 billion, with decreases in 9 of 11 sectors. Export volumes were down 1.1% while export prices decreased 3.9%.
- Exports of motor vehicles and parts fell 9.6% to $7.4 billion, the strongest decrease since August 2014.
- Exports of passenger cars and light trucks (-12.6%, to $5.0 billion) were mostly responsible for the decline.
- Exports of aircraft and other transportation equipment and parts were down 18.3%, to $1.8 billion, after four consecutive monthly increases.
- Exports of aircraft led the decline, falling 23.9% due to lower exports to the United States.
In July, imports fell 6.0% to $47.2 billion, after seven consecutive monthly increases, with declines observed in all 11 sectors. Import volumes were down 2.3%, while import prices posted a 3.8% loss.
- Imports of aircraft and other transportation equipment and parts decreased 35.2% to $1.6 billion, following a record observed in June.
- Aircraft imports led this decrease, with a slowdown in imports of airliners in July after two months of strong growth.
- Imports of motor vehicles and parts also contributed to the decline, down 4.4% to $9.1 billion.
- Imports of motor vehicle engines and motor vehicle parts (-13.0%) were responsible for the decrease, as planned closures in the automotive manufacturing industry were longer this year.
|Industrial Machinery & Equipment||2,927||5.5%||4,511||10.7%|
|Electronic./Electric. Machin. & Equip.||2,263||-2.8%||5,521||5.1%|
|Aircrafts/Other Transportation Equip.||1,802||-16.0%||1,578||7.2%|
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.
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