Monthly Merchandise Trade Report

Monthly Report on Canada's International Merchandise Trade Performance, November 2014

PDF Version (231 KB)

Summary

Canada’s merchandise exports and imports both declined in November with exports falling 3.5% and imports dropping 2.7%. Roughly half of the fall in exports was due to a decline in prices which was, in-turn, mostly due to the falling price of oil – a trend that will continue in future monthly trade figures. The decline in exports was not fully offset by reduced imports resulting in a widening of the monthly merchandise trade deficit to $644 million in November. Even so, exports remain 8.4% above their level in November 2013 and the trade deficit less than half that for the same month a year earlier.

Canadian Merchandise Exports

Canadian merchandise exports fell by $1.6 billion in November, a decline of 3.5% over October’s levels.

  • On a geographic basis, exports to the U.S. fell 2.6% in November, or roughly $868 million while exports to the UK fell by a nearly as large $786 million or 43.6%. On the positive side, exports to Mexico jumped 58% for the month. While exports to China were down $161 million (9.7%), this was more than offset by an increase of $216 million (72.5%) to Hong Kong.
  • As previously noted, energy products led the decline in exports, falling 7.8% or $799 million. Two-thirds of the decline in energy exports was attributable to a fall in energy prices while one-third was the result of a drop in volumes. Also contributing to the decline in exports was metal ores and non-metallic minerals which fell $180 million, or 11.5%. Of the eleven sectors, only farm, fish and food products, and chemicals, plastics and rubber posted increases in exports in November.
  • It is notable, however, that exports were still higher in all sectors compared to the same month a year earlier. And for the full eleven months to November 2014, were 10.5% higher compared to the same period in 2013.

Canadian Merchandise Imports

Canadian merchandise imports declined 2.7% in November, a drop of $1.2 billion compared to October.

  • While falling prices was the primary contributor to decline in exports, a drop in volumes contributed the most to the reduction in imports as prices fell just 1.0% compared to a drop of 1.7% for volumes.
  • The largest fall in imports in dollar terms was with the U.S. which saw a drop of $626 million or 2.1% in November. This was followed by a decrease of $133 million with Belgium, $129 million with China and $114 million with Saudi Arabia.
  • On a sectorial basis, the decline in imports was widespread with motor vehicles and parts being the only sector of eleven showing an increase for the month (up 1.2%). In percentage terms, aircraft and other transportation equipment saw the largest decline, dropping by 18.7% followed by metal ores and non-metallic minerals at 12.6%. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade deficit widened to $644 million in November from $327 million in October.

  • Although Canada’s monthly merchandise trade surplus with the U.S. shrank to $2.9 billion in November from $3.2 billion in October, this was not the primary factor responsible for the increased deficit in November. Rather, a drop in the surplus with the UK from an unusually large $1.1 billion surplus in October to a substantially reduced $296 million in November was the primary contributor. This was partially offset by a drop in the deficit with Mexico of $244 million to $757 million.
  • Year-to-date, Canada has posted a trade surplus of $5.7 billion, compared to a $6.6 billion deficit during the same period last year.

 

Key Export Trade Statistics by Region – November 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States32.852-2.6%8.8%367.15412.1%
EU3.039-19.2%10.7%36.70613.0%
China1.496-9.7%-20.6%18.869-5.6%
Japan0.812-18.6%-1.7%10.2102.8%
Mexico0.76457.5%45.0%6.207-0.1%
Other4.2982.3%15.1%45.4077.5%
All43.261-3.5%8.4%484.55310.5%
Key Import Trade Statistics by Region – November 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States29.913-2.0%9.2%320.13912.0%
EU4.1351.3%8.3%45.0787.9%
China3.029-4.1%5.3%32.58011.8%
Japan0.713-6.4%-10.9%8.363-4.8%
Mexico1.5212.4%18.2%15.5514.7%
Other 4.595-10.3%-11.4%57.155-11.5%
All43.906-2.7%6.2%478.8667.7%
Key Trade Balance Statistics – November 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports43.261-3.5%8.4%484.55310.5%
Imports43.906-2.7%6.2%478.8667.7%
Trade Balance-0.645$-0.327$-1.4415.687$12.251
Key Export Trade Statistics by Sector – November 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.6478.2%1.8%28.48411.6%
Energy products9.476-7.8%1.1%120.29816.1%
Metal ores and non-metallic minerals1.380-11.5%0.3%16.8042.4%
Metal and non-metallic mineral products4.951-8.3%18.8%52.0495.3%
Basic and industrial chemical, plastic and rubber products3.0984.8%10.7%32.7521.9%
Forestry products and building and packaging materials3.144-1.3%5.7%33.6919.4%
Industrial machinery, equipment and parts2.513-3.5%12.7%26.7939.5%
Electronic and electrical equipment and parts2.086-2.9%13.2%22.1197.5%
Motor vehicles and parts6.343-0.1%7.1%67.9219.0%
Aircraft and other transportation equipment and parts1.973-0.5%42.5%19.73324.2%
Consumer goods4.926-3.5%8.8%53.48412.2%
Key Import Trade Statistics by Sector – November 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.252-3.5%11.6%13.73013.8%
Energy products3.194-2.7%-6.1%39.863-0.3%
Metal ores and non-metallic minerals0.947-12.6%6.6%10.046-4.9%
Metal and non-metallic mineral products3.952-3.2%18.0%41.94314.5%
Basic and industrial chemical, plastic and rubber products3.692-2.3%13.0%40.8949.7%
Forestry products and building and packaging materials1.905-1.9%5.0%20.8178.2%
Industrial machinery, equipment and parts4.333-3.1%8.1%46.62912.4%
Electronic and electrical equipment and parts4.764-5.8%-1.0%53.7403.5%
Motor vehicles and parts7.7391.2%3.5%82.2385.7%
Aircraft and other transportation equipment and parts1.410-18.7%-2.5%15.55514.4%
Consumer Goods8.977-3.0%7.7%97.1618.9%
Key Trade Statistics Rates & Indices – November 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 1550.9584.3588.0-5.7%-6.3%
Can/Us Exchange Rate1.1331.1211.0491.0%8.0%
Trade weighted exchange rateFootnote 2108.4108.8115.0-0.4%-5.8%
Terms of trade (2007=100)95.996.096.4-0.1%-0.5
Canada-U.S. Trade in Billions of Dollars Footnote 3
MonthExportsImports
November 201432.85229.913
October 201433.72030.539
September 201433.63430.003
August 201433.73329.468
July 201434.24129.273
June 201433.73529.029
May 201434.14129.082
April 201433.07828.559
March 201433.23428.564
February 201433.24628.343
January 201431.29527.217
December 201330.97527.348
November 201330.19827.386
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
November 20143.0391.4960.8120.7644.298
October 20143.7601.6570.9970.4854.200
September 20143.6961.7550.9890.5164.304
August 20143.5251.8520.9090.5434.085
July 20143.7221.8031.0030.5594.170
June 20143.6421.7900.9730.5504.344
May 20143.3211.7790.9000.5814.236
April 20142.6821.7930.9480.5643.996
March 20143.3711.6660.9420.5364.014
February 20143.0361.6420.9130.5443.940
January 20142.6961.6670.8380.5744.040
December 20132.8041.7901.0050.5493.718
November 20132.7461.8830.8260.5273.735
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenMexican Peso
November 201492.693.1100.2107.696.6
October 201493.694.099.6100.996.6
September 201495.396.099.8102.296.6
August 201496.097.097.498.796.6
July 201497.799.497.599.397.2
June 201496.999.196.298.796.4
May 201496.398.694.697.995.4
April 201495.597.593.397.695.5
March 201494.595.792.296.595.4
February 201494.994.793.796.896.6
January 201495.995.295.199.397.1
December 201398.698.397.1101.898.2
November 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
November 201493.799.890.595.5102.5
October 201499.499.1100.096.5100.3
September 2014105.8100.3109.898.2100.1
August 2014107.7103.2111.098.0105.0
July 2014111.7105.1116.497.4108.7
June 2014114.6103.5122.393.2110.6
May 2014113.2104.2119.596.4110.0
April 2014113.1103.6119.795.6108.8
March 2014111.7103.5117.598.7108.2
February 2014111.999.6120.599.398.2
January 2014106.999.2112.399.997.0
December 2013105.798.2110.998.197.2
November 2013100.0100.0100.0100.0100.0

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.

Return to footnote 3 referrer

Footnote 4

The time series trade data do not include revisions to the historical figures.

Return to footnote 4 referrer

Footnote 5

Bank of Canada commodity price index, see previous page for details.

Return to footnote 5 referrer