Monthly Merchandise Trade Report

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

PDF Version (231 KB)

With the release of the October trade data, Statistics Canada has expanded the geographic detail of its monthly Balance of Payments (BOP) trade statistics. Previously, the monthly BOP goods data was limited to coverage of three individual countries (U.S., UK and Japan) and three aggregate regions (Other EU, Other OECD, and Other countries). This data has now been expanded to 27 of Canada’s largest trading partners including such countries as China, Mexico, Brazil, India, and South Korea, as well as Canada’s largest EU trading partners.

Summary

Both merchandise exports and imports rose in October, with the former rising 0.1%, to $44.9 billion, and the latter up by 0.5%, to $44.8 billion. For exports, a 1.6% increase in prices was largely offset by a 1.5% decline in volumes, while for imports, prices advanced 0.7%  while volumes fell by 0.2%. With exports rising at a slower pace than imports, Canada’s trade surplus with the world narrowed to $99 million from a surplus of $307 million (revised) the previous month.

Canadian Merchandise Exports

Canadian merchandise exports increased 0.1% to $44.9 billion in October, as prices rose 1.6% and volumes fell 1.5%.

  • Five of 11 major sectors posted increases led by industrial machinery and equipment ($194 million, 8.0%, and the highest value since the record high in October 2008), electronic and electrical equipment ($116 million, 5.7%), and metal and non-metallic mineral products ($115 million, 2.2%).
  • Notable declines were posted by agricultural  products (down $218 million, 8.6%) and consumer goods (down $117 million, 2.2%), while four other major commodities also posted smaller losses.
  • For the first 10 months of the year, merchandise exports have increased 10.7% compared to the same period a year earlier.
  • Geographically, exports advanced to most major EU partners (Netherlands (28.3%), France (21.0%), and the U.K. (10.2%)), except Germany (down 29.9%). Exports to the U.S. (0.7%) and Japan (3.1%) also advanced, while those to China were down 2.8% for the month.

Canadian Merchandise Imports

Canadian merchandise imports advanced 0.5%, to $44.8 billion, as prices increased by 0.7% and volumes fell 0.2%.

  • Declines were registered in 5 of the 11 major commodity groups, most notably for energy products (down $369 million, 10.1%) and motor vehicles (down $178 million, 2.3%).
  • Gains were posted in 6 commodity groups, led by consumer goods ($280 million, 3.1%), aircraft and parts ($187 million, 12.4%), metal ores and non-metallic minerals ($132 million, 13.8%).
  • For the first 10 months of 2014, imports had advanced 7.7% compared to the same period in 2013.
  • On a geographic basis, imports from major EU partners were mostly down (Germany (-11.5%), the U.K. (-11.2%), and France (-0.8%)), except for the Netherlands (up 8.4%). Elsewhere, imports from the U.S. and China were up by 1.0% and 3.5%, respectively, while those from Japan and Mexico fell by 0.6% and 3.2%, respectively. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade surplus narrowed from $307 million in September to $99 million in October.

  • Canada’s monthly trade surplus with the U.S. tightened by $87 million to just over $3.5 billion in October.
  • Canada’s merchandise trade deficit with all non-U.S. partners widened by $121 million in October to $3.4 billion.
  • For the first 10 months of the year, Canada is running a trade surplus of $6.7 billion compared to a $5.1-billion deficit a year earlier.
Key Export Trade Statistics by Region – October 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States33.8550.7%12.6%334.23412.4%
EU3.7601.7%19.3%33.45012.5%
China1.706-2.8%-14.0%17.453-3.6%
Japan1.0193.1%15.0%9.4343.6%
Mexico0.485-6.0%-9.9%5.450-4.2%
Other4.092-4.911.6%41.2227.0%
All44.9170.1%11.5%441.24310.7%
Key Import Trade Statistics by Region – October 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States30.3111.0%13.9%289.84812.2%
EU4.081-5.4%2.6%40.8507.6%
China3.1653.5%11.8%29.58112.6%
Japan0.760-0.5%-1.4%7.661-4.0%
Mexico1.458-3.2%14.7%13.9843.0%
Other 5.0432.0%-4.5%52.597-11.5%
All44.8180.5%10.0%434.5217.7%
Key Trade Balance Statistics – October 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports44.9170.1%11.5%441.24310.7%
Imports44.8180.5%10.0%434.5217.7%
Trade Balance0.990$-0.308$-0.4466.722$11.846
Key Export Trade Statistics by Sector – October 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.314-8.6%-3.7%26.03512.8%
Energy products10.405-0.5%4.2%110.66617.5%
Metal ores and non-metallic minerals1.555-2.4%3.3%15.4883.0%
Metal and non-metallic mineral products5.2762.2%25.8%46.9533.7%
Basic and industrial chemical, plastic and rubber products2.962-2.4%-1.2%29.6691.1%
Forestry products and building and packaging materials3.1951.7%11.3%30.5729.9%
Industrial machinery, equipment and parts2.6218.0%11.5%24.2929.2%
Electronic and electrical equipment and parts2.1595.7%17.3%20.0497.0%
Motor vehicles and parts6.340-0.5%17.3%61.5579.1%
Aircraft and other transportation equipment and parts1.9984.4%51.9%17.79322.7%
Consumer goods5.110-2.2%13.0%48.62112.7%
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 products1.2966.0%19.2%12.48314.1%
Energy products3.286-10.1%-5.9%36.6860.3%
Metal ores and non-metallic minerals1.09013.8%18.9%9.124-5.7%
Metal and non-metallic mineral products4.0653.0%29.4%37.93613.9%
Basic and industrial chemical, plastic and rubber products3.7043.3%-3.8%37.1069.1%
Forestry products and building and packaging materials1.938-1.6%9.4%18.9058.5%
Industrial machinery, equipment and parts4.336-1.2%18.9%42.01112.1%
Electronic and electrical equipment and parts5.068-2.4%7.0%49.1344.3%
Motor vehicles and parts7.591-2.3%7.6%74.3125.6%
Aircraft and other transportation equipment and parts1.68912.4%34.2%14.07215.8%
Consumer Goods9.1663.1%9.7%88.1529.0%
Key Trade Statistics Rates & Indices – October 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 1584.4622.3619.6-6.1%-5.7%
Can/Us Exchange Rate1.1211.1011.0361.8%8.2%
Trade weighted exchange rateFootnote 2108.8110.5116.1-1.6%-6.3%
Terms of trade (2007=100)96.496.497.40.0%-1.0
Canada-U.S. Trade in Billions of Dollars Footnote 3
MonthExportsImports
October 201433.85530.311
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
October 201330.06826.609
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
October 20143.7601.7061.0190.4854.092
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
October 20133.1511.9840.8860.5393.669
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenMexican Peso
October 201492.492.799.5102.195.9
September 201494.194.699.6103.495.9
August 201494.895.697.299.995.9
July 201496.598.097.3100.496.5
June 201495.797.796.099.995.7
May 201495.197.394.599.094.7
April 201494.396.193.298.894.9
March 201493.394.492.197.694.8
February 201493.793.493.697.995.9
January 201494.793.994.9100.596.4
December 201397.497.097.0103.097.5
November 201398.898.699.9101.299.3
October 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
October 201494.398.592.099.9100.5
September 2014100.499.7101.0101.899.9
August 2014102.2102.5102.1101.6104.8
July 2014106.0104.5107.1100.9108.5
June 2014108.7102.9112.696.6110.4
May 2014107.4103.5110.099.8109.8
April 2014107.3102.9110.299.0108.6
March 2014106.0102.8108.2102.3108.0
February 2014106.199.0110.9102.998.0
January 2014101.598.7103.4103.696.9
December 2013100.397.6102.1101.797.0
November 201394.999.492.0103.699.8
October 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. 

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Footnote 3

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

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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