Monthly Merchandise Trade Report

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

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Summary

Canada’s monthly merchandise trade reversed itself in September with exports rising and imports falling. Exports rose 1.1% to $44.8 billion while imports declined 1.5% to $44.1 billion. For exports, volumes advanced 1.6%, partially offset by a 0.4% weakening in prices, while both volumes and prices fell for imports, down 1.0% and 0.6%, respectively. With exports rising and imports falling, Canada’s posted a $710-million trade surplus with the world following a deficit of $463 million (revised) the previous month. 

Canadian Merchandise Exports

Canadian merchandise exports increased 1.1% to $44.8 billion in September, as volumes rose 1.6% and prices fell 0.4%.

  • Eight of 11 major sectors posted increases as motor vehicles led the monthly gains, advancing $364 million (6.0%), followed by consumer goods, up $320 million (6.6%). Metal and non-metallic mineral products also posted a strong gain, up $301 million (6.2%). Five other sectors also advanced during the month.
  • Partially offsetting gains were declines in three sectors: aircraft and other transportation equipment (down $455 million, 20.9%), agricultural products (down $296 million, 10.5%), and chemicals, plastics and rubber (down $59 million, 1.9%).
  • For the first three quarters of the year, merchandise exports have increased 10.4% compared to the same period a year earlier.
  • Geographically, exports advanced to Japan (8.3%), the EU (6.8%) and the U.S. (0.8%) and fell 1.4% to all other destinations.

Canadian Merchandise Imports

Canadian merchandise imports fell $670 million, or 1.5%, to $44.1 billion, as volumes were down 1.0% and prices fell 0.6%.

  • Declines were registered in 5 of the 11 major commodity groups, most notably for energy products (down $822 million, 19.4%), metal and non-metallic mineral products ($533 million, 12.0%), and consumer goods ($270 million, 3.0%).
  • Gains were posted in 6 commodity groups, in particular motor vehicles (up $507 million, 7.0%), electronic and electrical equipment (up $251 million, 5.1%), and machinery equipment and parts  (up $222 million, 5.3%).
  • For the first nine months of 2014, imports had advanced 7.4% compared to the same period in 2013.
  • On a geographic basis, slight increase to the U.S. (0.7%) and Japan (0.4%) were not enough to offset an 8.8% decline to all other destinations. Imports from the EU were flat in September, unchanged from the previous month at $4.3 billion. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade balance moved from a $463-million deficit in August to a $710-million surplus in September.

  • Canada’s monthly trade surplus with the U.S. widened by $60 million to just over $3.9 billion in September.
  • Canada’s merchandise trade deficit with all non-U.S. partners narrowed by over $1.1 billion in September to $3.2 billion.
  • For the first nine months of the year, Canada is running a trade surplus of $5.3 billion compared to a $5.0-billion deficit a year earlier.
Key Export Trade Statistics by Region – September 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States33.6570.8%8.4%299.27912.1%
EU3.7656.8%27.2%29.98611.9%
Japan0.9838.3%6.6%8.3942.0%
Other6.387-1.4-0.2%57.6873.0%
All44.7921.1%8.4%395.34610.4%
Key Import Trade Statistics by Region – September 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States29.7330.7%12.6%259.47311.9%
EU4.2960.0%9.8%36.9098.4%
Japan0.7620.4%2.1%6.920-4.8%
Other9.291-8.7%-7.1%86.768-3.6%
All44.082-1.5%7.4%390.0707.4%
Key Trade Balance Statistics – September 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports44.7921.1%8.4%395.34610.4%
Imports44.082-1.5%7.4%390.0707.4%
Trade Balance0.710$-0.463$-0.2765.276$-5.041
Trade with ChinaFootnote 1 (Customs basis) – September 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports1.559n.a.-6.2%14.250-1.5%
Imports5.671n.a.15.9%42.53511.7%
Trade Balance-4.112n.a.$-3.231-28.285$-23.601
Key Export Trade Statistics by Sector – September 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.514-10.5%13.9%23.66114.8%
Energy products10.6200.6%0.2%100.27318.7%
Metal ores and non-metallic minerals1.6318.0%6.4%13.8823.8%
Metal and non-metallic mineral products5.1616.2%13.8%41.8211.5%
Basic and industrial chemical, plastic and rubber products2.996-1.9%5.0%26.4501.0%
Forestry products and building and packaging materials3.1122.4%9.9%27.3029.3%
Industrial machinery, equipment and parts2.4230.6%8.6%21.5958.5%
Electronic and electrical equipment and parts2.0240.8%9.2%17.8415.1%
Motor vehicles and parts6.4026.0%10.4%55.0258.4%
Aircraft and other transportation equipment and parts1.724-20.9%8.5%15.43017.5%
Consumer goods5.2026.6%17.6%43.53512.4%
Key Import Trade Statistics by Sector – September 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.2280.7%13.1%11.20013.8%
Energy products3.410-19.4%-8.6%33.7201.8%
Metal ores and non-metallic minerals0.891-17.6%0.6%7.991-8.4%
Metal and non-metallic mineral products3.890-12.0%19.9%33.93512.4%
Basic and industrial chemical, plastic and rubber products3.551-5.4%6.8%33.34110.6%
Forestry products and building and packaging materials1.9664.1%12.3%16.9658.3%
Industrial machinery, equipment and parts4.3735.3%15.3%37.69611.3%
Electronic and electrical equipment and parts5.1895.1%6.4%44.0764.1%
Motor vehicles and parts7.7657.0%6.1%66.8505.5%
Aircraft and other transportation equipment and parts1.3739.5%8.5%12.22112.7%
Consumer Goods8.811-3.0%5.3%78.9598.6%
Key Trade Statistics Rates & Indices – September 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 2623.1632.9650.0-1.5%-4.1%
Can/Us Exchange Rate1.1011.0931.0340.8%6.5%
Trade weighted exchange rateFootnote 3110.5110.7116.7-0.1%-5.3%
Terms of trade (2007=100)96.296.497.5-0.2%-1.3
Canada-U.S. TradeFootnote 4 in Billions of Dollars
MonthExportsImports
September 201433.65729.733
August 201433.25629.744
July 201434.10429.345
June 201433.50928.845
May 201433.92728.650
April 201432.81828.679
March 201433.34228.641
February 201433.10228.292
January 201431.22527.270
December 201331.18727.500
November 201330.20127.327
October 201330.21726.715
September 201331.05426.399
Trade with EU, Japan and OthersFootnote 5 in Billions of Dollars
MonthExports to EUImports from EUExports to JapanImports from JapanExports to OthersImports from Others
September 20143.7654.2960.9830.7626.3879.291
August 20143.4764.1290.9040.7516.55310.174
July 20143.6384.0701.0040.7586.5678.945
June 20143.6184.0850.9680.7526.6439.433
May 20143.2984.5800.8940.8726.53910.239
April 20142.6964.0960.9440.7506.3209.844
March 20143.4463.9570.9470.6976.3239.595
February 20143.1413.7440.9090.7396.2049.740
January 20142.7313.7090.8280.8166.2669.511
December 20132.7393.4341.0130.7836.0929.850
November 20132.6243.8050.8360.7626.2409.237
October 20132.9513.9970.8940.7706.2259.284
September 20132.9593.9110.9220.7466.40210.005
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenGBP
September 201493.994.297.4101.791.6
August 201494.695.295.098.290.0
July 201496.397.595.198.889.6
June 201495.597.293.998.289.7
May 201494.996.892.497.489.5
April 201494.195.791.097.289.2
March 201493.193.990.096.089.0
February 201493.693.091.596.389.7
January 201494.593.592.898.991.2
December 201397.296.594.7101.394.2
November 201398.698.197.699.597.2
October 201399.899.597.798.498.5
September 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 6
MonthTotalExcluding EnergyEnergyForestryAgriculture
September 2014104.3100.8106.596.0102.3
August 2014102.798.6105.396.298.3
July 201499.096.7100.496.895.0
June 201496.598.295.5101.293.3
May 201497.797.697.897.893.9
April 201497.898.297.698.794.9
March 201499.098.399.495.595.4
February 201498.8102.196.995.0105.2
January 2014103.4102.4104.094.3106.4
December 2013104.6103.6105.396.1106.3
November 2013110.5101.7116.894.3103.3
October 2013104.9101.1107.597.7103.1
September 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.

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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

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

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Footnote 6

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

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