Monthly Merchandise Trade Report

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

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Summary

Canadian merchandise exports rose by 1.1% reaching $45.2 billion in June as both volumes (up 1.0%) and prices (up 0.2%) rose. This was a record high, which was principally fuelled by exports of metal and non-metallic mineral products, consumer goods and energy products. Imports, on the other hand, were down by 1.8% due declines in volumes and prices – down 1.7% and 0.1%, respectively. With exports up and imports down, Canada’s trade surplus with the world increased from $576 million in May to $1.9 billion in June, the largest trade surplus since November 2011. 

Canadian Merchandise Exports

Canadian merchandise exports increased 1.1% to $45.2 billion in June, as volumes and prices were up 1.0% and 0.2%, respectively.

  • Metal and non-metallic mineral products in conjunction with consumer goods led the rise in exports, increasing by $421 million (9.7%) and $388 million (8.3%), respectively, from the previous month. Four other sectors also contributed to higher export levelsMetal and non-metallic mineral products in conjunction with consumer goods led the rise in exports, increasing by $421 million (9.7%) and $388 million (8.3%), respectively, from the previous month. Four other sectors also contributed to higher export levels.
  • Partially offsetting the rise were declines of exports in motor vehicles and parts (down $415 million or 6.3%), forestry products and building and packaging materials (down $191 million or 6.0%), as well as three other sectors.
  • On a geographic basis, Canadian exports to all major destinations were up except to the U.S., where there was no change. Exports to the Japan and the EU rose 7.7% and 12.1%, respectively, while exports to all other destinations were up by 0.8%.
  • On a year-to-date basis merchandise exports were up 10.2% in 2014 compared to the first half of 2013.  

Canadian Merchandise Imports

Canadian merchandise imports fell 1.8% to $43.3 billion in June primarily due to volumes (down 1.7%), as prices fell only slightly (down 0.1%).

  • The monthly decrease in imports was mainly attributable to lower imports of metal ores and non-metallic minerals, down $254 million (25.3%); electronic and electrical equipment and parts, down $221 million (4.5%); motor vehicles and parts, down $198 million (2.5%); and consumer goods, down $195 million (2.2%).
  • Increases in three of the eleven major sectors, notably in aircraft and other transportation equipment and parts as well as energy products − up by $117 million (8.5%) and $83 million (2.3%), respectively − moderated the overall fall in Canadian imports.
  • Geographically, imports from all major sources were down except from the U.S. – imports from the U.S. were up 1.5%. Imports from Japan fell the most (down by 13.6%), followed closely by imports from the EU (down 10.8%). Imports from all other sources were down by 5.9%.
  • For the first half of 2014, imports were 6.9% higher than for the same period of the previous year. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade balance moved from a $576-million surplus in May to a surplus of $1.9 billion in the sixth month of 2014.

  • Canada’s monthly trade surplus with the U.S. fell from $5.4 billion in May to $5.0 billion in June.
  • Canada’s deficit with the rest of the world (non-U.S. trade partners) narrowed by $1.7 billion in June to $3.1 billion.
  • Year-to-date for 2014, Canada has posted a trade surplus of $3.8 billion. 
Key Export Trade Statistics by Region – June 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States34.0670.0%14.6%198.77313.2%
EU3.58912.1%16.8%18.7950.2%
Japan0.9597.7%13.8%5.467-1.0%
Other6.5880.7%6.1%38.1872.6%
All45.2031.1%13.4%261.22210.2%
Key Import Trade Statistics by Region –June 2014
Region$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
United States29.0641.5%13.3%170.47011.3%
EU4.096-10.8%12.1%24.1796.2%
Japan0.756-13.6%-7.1%4.635-5.2%
Other9.428-5.9%-3.3%58.133-3.1%
All43.344-1.8%8.7%257.4166.9%
Key Trade Balance Statistics – June 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports45.2031.1%13.4%261.22210.2%
Imports43.444-1.8%8.7%257.4166.9%
Trade Balance1.860$576$-21$3.806$-3.613
Trade with ChinaFootnote 1 (Customs basis) – June 2014
 $ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change over previous year
Exports1.718n.a.11.1%9.564-4.2%
Imports4.526n.a.12.2%26.78614.0%
Trade Balance-2.808n.a.-$2.481-17.221$-13.517
Key Export Trade Statistics by Sector – June 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products2.734-0.1%34.0%15.38410.1%
Energy products11.9182.5%29.4%68.99726.8%
Metal ores and non-metallic minerals1.5685.2%1.5%9.0330.7%
Metal and non-metallic mineral products4.7799.7%2.1%26.680-4.8%
Basic and industrial chemical, plastic and rubber products2.9700.6%-0.2%17.435-0.7%
Forestry products and building and packaging materials3.000-6.0%14.1%18.0369.4%
Industrial machinery, equipment and parts2.4390.5%9.1%14.3188.9%
Electronic and electrical equipment and parts1.916-2.7%-0.1%11.6792.8%
Motor vehicles and parts6.179-6.3%6.4%35.7137.0%
Aircraft and other transportation equipment and parts1.682-1.6%-4.3%9.77710.0%
Consumer goods5.0728.3%20.4%28.53511.1%
Key Import Trade Statistics by Sector – June 2014
Sector$ billionsChange over previous monthChange over previous yearYTD 2014 $ billionsYTD change previous year
Farm, fishing and intermediate food products1.254-0.8%17.0%7.49014.1%
Energy products3.6992.3%1.7%22.392-0.4%
Metal ores and non-metallic minerals752-25.3%4.4%5.218-12.4%
Metal and non-metallic mineral products3.639-1.9%14.8%21.9828.6%
Basic and industrial chemical, plastic and rubber products3.792-1.5%19.5%22.20713.2%
Forestry products and building and packaging materials1.8891.1%11.2%11.2198.0%
Industrial machinery, equipment and parts4.104-3.3%7.9%24.90311.1%
Electronic and electrical equipment and parts4.711-4.5%-2.2%28.9883.2%
Motor vehicles and parts7.602-2.5%8.0%43.8224.8%
Aircraft and other transportation equipment and parts1.5018.5%11.9%8.02313.8%
Consumer Goods8.793-2.2%9.5%52.4869.3%
Key Trade Statistics Rates & Indices – June 2014
 Current monthPrevious monthSame month previous yearChange over previous monthChange over same month previous year
Commodity Price IndexFootnote 2675.0666.7640.41.2%5.4%
Can/Us Exchange Rate1.0831.0891.031-0.6%5.0%
Trade weighted exchange rateFootnote 3111.3110.6117.20.7%-5.0%
Terms of trade (2007=100)98.397.998.60.4%-0.3%
Canada-U.S. TradeFootnote 4 in Billions of Dollars
MonthExportsImports
June 201434.06729.064
May 201434.06428.626
April 201432.92928.617
March 201433.39328.644
February 201433.14228.272
January 201431.17827.247
December 201331.18727.500
November 201330.20127.327
October 201330.21726.715
September 201331.05426.399
August 201330.67426.039
July 201329.72426.303
June 201329.72125.652
Trade with EU, Japan and OthersFootnote 4 in Billions of Dollars
MonthExports to EUImports from EUExports to JapanImports from JapanExports to OthersImports from Others
June 20143.5894.0960.9590.7566.5899.427
May 20143.2004.5940.8900.8756.53810.021
April 20142.6974.0820.9360.7506.2849.829
March 20143.4443.9580.9360.7016.2649.604
February 20143.1443.7440.9200.7386.2079.736
January 20142.7213.7040.8260.8146.3059.516
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
August 20132.4853.7220.8940.8056.45310.599
July 20132.6033.6620.8890.8265.9629.432
June 20133.0733.6550.8420.8146.2119.747
Exchange Rate Indices (CAN $ vs.)
MonthUSDChinese RenminbiEURJapanese YenGBP
June 201495.296.792.4100.087.3
May 201494.796.391.099.287.1
April 201493.895.289.798.986.8
March 201492.993.488.697.886.5
February 201493.392.590.198.087.3
January 201494.393.091.4100.688.7
December 201396.996.093.3103.191.7
November 201398.397.696.1101.394.5
October 201399.599.096.2100.195.8
September 201399.799.598.5101.897.3
August 201399.198.998.299.799.0
July 201399.199.1100.0101.7101.2
June 2013100.0100.0100.0100.0100.0
Commodity Price IndicesFootnote 5
MonthTotalExcluding EnergyEnergyForestryAgriculture
June 201494.9100.891.394.1103.7
May 201496.1100.193.591.0104.3
April 201496.1100.793.391.7105.4
March 201497.3100.995.088.8106.0
February 201497.1104.892.688.3116.9
January 2014101.6105.199.487.7118.2
December 2013103.0106.3101.089.3118.1
November 2013108.9104.3112.087.7114.7
October 2013103.4103.7103.190.8114.5
September 201398.5102.695.993.0111.1
August 201397.0100.794.795.9104.8
July 201396.9101.694.098.5102.6
June 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