Monthly Merchandise Trade Report

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

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Summary

Canadian merchandise exports grew 3.6% to $42.3 billion in February with both prices (up 1.4%) and volumes (up 2.2%) rising. The main contributors to the rise were exports of motor vehicles and parts as well as energy products. Imports were up by 2.1% in February to $42.1 billion with higher prices (up 1.4%) as well as volumes (up 0.6%). With exports growing more than imports, Canada’s overall trade balance with the world moved into a surplus of $290 million in February from a deficit of $337 million in January. This was Canada’s second significant trade surplus since December 2011.

Canadian Merchandise Exports

Canadian merchandise exports increased 3.6% to $42.3 billion in February due to both price increases (up 1.4%) and volumes (up 2.2%).

  • Motor vehicles and parts led the rise in exports, increasing by $503 million or 9.7% from the previous month. Energy products, aircraft and other transportation equipment and parts, as well as metal and non-metallic mineral products also contributed significant gains in exports, up by $466 million (4.3%), $185 million (13.7%), and $165 million (4.0%), respectively. In particular, wheat and canola fell by 12.6% and 14.6% respectively.
  • Partially offsetting exports in these categories were decreases two categories: farm, fishing and intermediate food products as well as forestry products and building and packaging materials, down $169 million (6.8%) and $46 million (1.5%), respectively.
  • On a geographical basis, Canadian exports most major partners were up: U.S. (up 4.4%), Japan (up 12.0%), and the EU (up 6.8%). Exports to all other destinations were down by 2.7%.
  • Compared to the same month last year, merchandise exports were 7.1% higher in 2014.

Canadian Merchandise Imports

Canadian merchandise imports rose 2.1% to $42.1 billion in February, as volumes were up 0.6% and prices were up 1.4%.

  • The monthly increase in imports was mainly attributable to higher imports of energy products, motor vehicles and parts, and industrial machinery and equipment, up by $268 million (7.3%), $208 million (3.0%), and $176 million (4.4%) respectively.
  • Decreases in three of the eleven major sectors, led by lower imports of metal and non-metallic mineral products, which were down by $199 million (5.6%) moderated the overall increase in Canadian imports.
  • Geographically, imports from the Japan were down by 11.3% in February, as well as from the EU by 0.8%. Imports from the U.S. and all other destinations were up – rising 3.3% and 0.9% respectively.
  • For February 2014, imports were 4.8% higher than the same period of the previous year.

Canada’s Merchandise Trade Balance

Canada’s merchandise trade balance moved from a $337-million deficit in January to a surplus of $290 million in the second month of 2014.

  • Canada’s monthly trade surplus with the U.S. rose from $3.9 billion in January to $4.3 billion in February.
  • Canada’s deficit with the rest of the world (non-U.S. trade partners) narrowed by $144 million in February to $4.0 billion. 
Key Export Trade Statistics by Region – February 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change over previous year
United States32.4174.4%11.8%63.48610.1%
EU2.8766.8%-17.6%5.569-19.2%
Japan0.92212.0%4.1%1.746-1.9%
Other6.132-2.7%-0.4%12.4343.6%
All42.3473.6%7.1%83.2156.2%
Key Import Trade Statistics by Region – February 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change over previous year
United States28.0823.3%10.9%55.2799.7%
EU3.661-0.8%-2.2%7.3503.1%
Japan0.720-11.3%-3.8%1.532-3.2%
Other9.5940.9%-6.9%19.102-6.8%
All42.0572.1%4.8%83.2624.8%
Key Trade Balance Statistics – February 2014
 $ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change over previous year
Exports42.3473.6%7.1%83.2156.2%
Imports42.0572.1%4.8%83.2624.8%
Trade Balance0.290-$0.337-$0.592-0.047-$1.241
Trade with ChinaFootnote 1 (Customs basis) – February 2014
 $ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change over previous year
Exports1.379n.a.-15.7%2.714-13.6%
Imports4.169n.a.10.2%8.79510.5%
Trade Balance-2.790n.a.-$2.149-6.081-$4.818
Key Export Trade Statistics by Sector – February 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.328-6.8%-3.2%4.8250.0%
Energy products11.2384.3%21.5%22.01021.8%
Metal ores and non-metallic minerals1.5286.8%3.4%2.9593.5%
Metal and non-metallic mineral products4.2974.0%-11.8%8.429-12.7%
Basic and industrial chemical, plastic and rubber products2.9341.5%2.1%5.824-0.3%
Forestry products and building and packaging materials2.956-1.5%8.8%5.95910.6%
Industrial machinery, equipment and parts2.3044.2%6.4%4.5153.6%
Electronic and electrical equipment and parts1.9433.0%8.1%3.8283.5%
Motor vehicles and parts5.7109.7%4.0%10.9172.2%
Aircraft and other transportation equipment and parts1.53513.7%11.7%2.8863.1%
Consumer goods4.6521.9%9.6%9.2179.2%
Key Import Trade Statistics by Sector – February 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2013 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.2142.3%12.0%2.40111.2%
Energy products3.9487.3%4.5%7.628-1.6%
Metal ores and non-metallic minerals0.9143.8%-5.2%1.796-13.4%
Metal and non-metallic mineral products3.371-5.6%-0.8%6.9404.8%
Basic and industrial chemical, plastic and rubber products3.4370.2%-0.6%6.8665.0%
Forestry products and building and packaging materials1.8602.8%6.1%3.6695.7%
Industrial machinery, equipment and parts4.1974.4%12.3%8.21810.9%
Electronic and electrical equipment and parts4.823-0.3%5.3%9.6585.7%
Motor vehicles and parts7.0153.0%1.6%13.8221.9%
Aircraft and other transportation equipment and parts1.2794.5%18.7%2.5027.6%
Consumer Goods8.420-0.6%4.2%16.8926.1%
Key Trade Statistics Rates & Indices – February 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 2668.6639.4639.84.6%4.5%
Can/Us Exchange Rate1.1061.0941.0101.0%9.5%
Trade weighted exchange rateFootnote 3109.1110.5119.3-1.2%-8.5%
Terms of trade (2007=100)98.698.6100.40.0%-1.8%
Canada-U.S. TradeFootnote 4 in Billions of Dollars
MonthExportsImports
February 201432.41728.082
January 201431.04927.197
December 201331.19227.615
November 201330.16227.327
October 201330.13226.795
September 201331.08526.466
August 201330.70126.146
July 201329.75226.400
June 201329.72925.793
May 201329.21325.842
April 201329.74426.114
March 201329.39925.800
February 201328.99825.327
Trade with EU, Japan and OthersFootnote 4 in Billions of Dollars
MonthExports to EUImports from EUExports to JapanImports from JapanExports to OthersImports from Others
February 20142.8763.6610.9220.7206.1329.595
January 20142.6933.6890.8240.8126.3029.507
December 20132.7163.4311.0150.7886.1099.700
November 20132.6143.7970.8340.7646.2309.168
October 20133.0153.9910.8920.7736.2039.204
September 20132.9413.9090.9230.7466.4019.930
August 20132.4543.7220.8960.8056.47210.493
July 20132.5663.6590.8930.8266.0199.327
June 20133.0883.6600.8450.8136.2549.632
May 20132.6084.3680.8950.9146.5469.174
April 20133.0653.9340.9310.7966.3029.964
March 20133.2143.6971.0990.7776.38310.020
February 20133.4913.7420.8860.7486.15910.308
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenGBP
February 201491.389.189.2100.385.4
January 201492.389.690.5103.086.7
December 201394.992.592.4105.589.6
November 201396.294.195.2103.792.4
October 201397.495.495.3102.593.7
September 201397.695.997.5104.295.1
August 201397.095.397.2102.096.8
July 201397.195.599.0104.199.0
June 201397.996.499.0102.497.8
May 201399.097.5101.8107.4100.2
April 201399.198.4101.1104.2100.2
March 201398.598.2101.5100.5101.1
February 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
February 201495.7111.087.199.5113.5
January 2014100.1111.293.698.7115.1
December 2013101.6112.895.1100.6116.0
November 2013107.4110.9105.298.6113.2
October 2013102.1110.597.1102.3113.1
September 201397.6109.690.6104.9110.7
August 201396.4108.289.5108.5105.3
July 201396.3109.588.8111.6103.6
June 201399.4108.094.3113.4101.3
May 201398.8105.393.3107.5102.9
April 201398.9103.496.199.6103.4
March 201399.3101.398.096.6103.0
February 2013100.0100.0100.0100.0100.0

Footnotes

Footnote 1

Chinese trade data is only available on a customs basis, whereas all other data are on a balance of payments basis and are therefore not strictly comparable.

Return to footnote 1 referrer

Footnote 2

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.

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Footnote 3

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 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