Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, January 2017
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Canada’s exports reached a record high in January and Canada’s trade balance with the world recorded a third consecutive monthly surplus.
- Canada’s trade surplus with the world improved to $807 million in January, up from $447 million in December.
- Exports were up 0.5% in January, to $46.5 billion, with exports to the United States increasing 2.3%.
- The increase was led by motor vehicles and canola.
- Exports were up to the United States, but declined to countries other than the U.S.
- Imports edged down 0.3% in January, to $45.6 billion, on lower imports of unwrought gold.
- Most imports sectors posted declines.
- Imports from the United States recorded a slight increase, while imports from countries other than the United States decreased in January.
Chart 1: Value of Canada's trade in goods, January 2012 to January 2017
Source: CANSIM Table 228-0059, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: Exports were up 0.5% (or $237.2 million), to $46.5 billion in January, despite 6 of 11 sectors recording declines. Higher exports of motor vehicles and parts (+7.7%, to $7.8 billion), as well as farm, fishing and intermediate food products (+12.8%, to $3.1 billion) contributed to this increase. The former reached a record high, largely led by higher Chinese demand for Canadian canola.
In January, exports were up 1.8%, or $840.4 million, compared to January 2016.
Canadian Merchandise Imports
Canadian merchandise imports: Imports edged down 0.3%, to $45.6 billion, with 7 of 11 sectors posting declines. Imports of metal and non-metallic mineral products fell 5.5% to $3.8 billion and imports of machinery, equipment and parts decreased by 4.3%, to $4.1 billion.
In January, imports were down 2.1%, or $971 million, compared to January 2016.
- Canada’s trade surplus with the United States widened to $4.5 billion in January, from $3.8 billion in December.
- Exports to the United States rose 2.3% to $34.6 billion in January, on higher exports of passenger cars and light trucks.
- Imports from the United States increased 0.3% to $30.1 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 U.S. increased to $3.7 billion in January, from $3.4 billion in December.
- Exports to non-U.S. countries fell 4.4% to $11.8 billion.
- Lower exports to Switzerland (-$298 million) and Spain (-$200 million) – both due to fewer aircraft exports – contributed to the decline.
- Imports from countries other than United States decreased 1.3% to $15.5 billion, led by fewer imports of passenger cars and light trucks from Japan.
In January, exports rose 0.5% to $46.5 billion, despite declines in 6 of 11 sectors. Export volumes increased 1.0% while export prices edged down 0.5%.
- Exports of motor vehicles and parts rose 7.7% to $7.8 billion.
- Exports of passenger cars and light trucks increased 12.3% to $5.4 billion.
- Exports of farm, fishing and intermediate food products increased 12.8% to $3.1 billion, on larger volumes.
- Exports of canola rose 38.4% to a record high of $845 million and have more than doubled since October.
- Exports of metal ores and non-metallic minerals increased 5.9% to $1.6 billion.
- On higher exports of metal ores and concentrates (+53.8% to $960.5 million).
- Exports of consumer goods decreased 3.9% to $6.0 billion.
- Exports of food, beverage and tobacco products fell 4.1% to $2.7 billion.
- Exports of metal and non-metallic mineral products fell 4.6% to $4.9 billion.
In January, imports were down 0.3% to $45.6 billion, with declines in 7 of 11 sectors. Import volumes were up 2.5% while imports prices decreased 2.7%.
- Imports of motor vehicles and parts were up 3.6% to $8.9 billion, returning to October’s level.
- Imports of passenger cars and light trucks rose 10.9% to $4.1 billion, mainly on a rise in imports from the United States and the United Kingdom.
- Imports of metal and non-metallic mineral products fell 5.5% to $3.8 billion.
- Imports of electronic and electrical equipment and parts were up 1.5% to $5.4 billion.
- Imports of communications and audio and video equipment increased 9.2% to $1.8 billion.
|Industrial Machinery & Equipment||2,671||-10.7%||4,146||-7.3%|
|Electronic./Electric. Machin. & Equip.||2,284||-10.0%||5,379||0.6%|
|Aircrafts/Other Transportation Equip.||1,929||23.8%||1,598||1.2%|
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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