Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, March 2017
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Canadian exports reached a record high in March, increasing 3.8%, to $47.0 billion.
- Canada’s merchandise trade balance with the world posted a $135-million deficit in March, down from a $1.1 billion deficit in February.
- Exports rose 3.8% to a record $47.0 billion in March, as a result of stronger exports of energy products and consumer goods.
- Exports increased in most sectors.
- Exports to non-U.S. countries also reached a record high in March, led by China, India and South Korea.
- Exports reached a record level of $138.6 billion in the first quarter of 2017.
- Imports were up 1.7% in March, to $47.1 billion, for the fourth consecutive month.
- With gains in most sectors.
- Imports of unwrought gold led the increase.
- Imports also reached a record level of $139.7 billion in the first quarter of 2017.
Chart 1: Value of Canada's trade in goods, March 2012 to March 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 3.8% (or $1.7 billion), to $47.0 billion in March, with 8 of 11 sectors recording gains. Higher exports of energy products (+7.0%, to $8.7 billion), as well as consumer goods (+6.8%, to $6.1 billion) were the main contributors to the increase.
For the first three months of the year, exports were up 6.4%, compared to the same period in 2016.
Canadian Merchandise Imports
Canadian merchandise imports: Imports rose 1.7%, to $47.1 billion, with gains in 7 of 11 sectors. Higher imports of metal and non-metallic mineral products (+10.4%, to $4.0 billion), industrial machinery, equipment and parts (+4.1%, to $4.4 billion), as well as motor vehicles and parts (+1.5% to $9.3 billion) led the increase.
For the first three months of the year, total imports increased 2.0% compared to the same period in 2016.
- Canada’s trade surplus with the United States narrowed to $4.0 billion in March, from $4.5 billion in February.
- Exports to the United States edged up 0.1% to $34.4 billion in March.
- Imports from the United States increased 2.0% to $30.4 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. narrowed to $4.1 billion in March, from $5.6 billion in February.
- Exports to non-U.S. countries rose 15.3% to a record high $12.6 billion.
- Higher exports to China (gold and coal), India (legumes) and South Korea (coal and copper) were responsible for the gain.
- Imports from countries other than United States increased 1.2% to $16.7 billion, on higher imports from Saudi Arabia (crude oil) and the United Kingdom.
In March, exports rose 3.8% to a record high $47.0 billion, following a 2.5% decline in February. Increases were observed in 8 of 11 sectors. Export volumes were up 2.5% while export prices rose 1.3%.
- Exports of energy products were up 7.0% to $8.7 billion.
- Leading the raise were exports of natural gas, up 31.6%, which is attributable to unusually low temperatures in the northeastern United States.
Exports of other energy products (excluding oil and gas) rose 64.2%, mainly on higher exports of coal to Japan, China and South Korea.
- Exports of consumer goods rose 6.8% to $6.1 billion.
- Export of other food products, up 11.9% to a record high of $1.4 billion, on increased exports of yellow peas and red lentils to India, led the increase.
- Exports of miscellaneous goods and supplies also contributed to the increase, up 21.2% on higher exports of gold coins.
- Metal and non-metallic mineral products were up 7.1% to $5.6 billion.
- Unwrought precious metals and precious metal alloys led the increase, up 14.1%, mainly on higher exports of unwrought gold to China.
In March, imports were up for the fourth consecutive month, increasing 1.7% to $47.1 billion, with gains in 7 of 11 sectors. Imports volumes edged down 0.2%, while import prices rose 1.9%.
- Imports of metal and non-metallic mineral products increased 10.4% to $4.0 billion, returning to December levels.
- Unwrought precious metals and precious metal alloys contributed most to the gain, rising 61.1% to $856 million.
- Higher imports of unwrought gold from Japan led the increase.
- Imports of industrial machinery, equipment and parts rose 4.1% to $4.4 billion, the highest level since September 2016. The increase was broad-based among sectors.
- Imports of motor vehicles and parts reached a record-high $9.3 billion, up 1.5%.
- Imports of motor vehicle engines and motor vehicles parts were up 1.5% to $4.2 billion.
- Imports of passenger cars and light trucks increased 1.3% to $4.3 billion, mainly on strong truck sales in March.
|Industrial Machinery & Equipment||2,767||9.9%||4,367||1.5%|
|Electronic./Electric. Machin. & Equip.||2,342||1.0%||5,365||1.8%|
|Aircrafts/Other Transportation Equip.||1,752||-16.7%||1,663||18.4%|
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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