Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, May 2017
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Canadian trade activity has been strong in recent months, and reached a record total value of merchandise trade of $98.5 billion in May, a 13.8% increase over last year.
- Canada’s merchandise trade balance with the world posted a $1.1-billion deficit in May, widening from a $552-million deficit in April.
- Total exports rose 1.3% to a record high of $48.7 billion in May, the third consecutive monthly gain.
- Exports increased in most sectors, led by higher unwrought gold exports.
- Imports were up 2.4% in May, to $49.8 billion, the sixth consecutive monthly increase.
- Imports advanced in most sectors, led by aircraft and motor vehicles and parts.
Chart 1: Value of Canada's trade in goods, May 2012 to May 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 1.3% (or $634 million), to a record high of $48.7 billion in May, a third consecutive monthly gain on account of higher volumes. Higher exports of metal and non-metallic mineral products (+11.1%, to $6.2 billion), as well as motor vehicles and parts (+3.6%, to $8.5 billion) were the main contributors to the increase.
For the first five months of the year, exports were up 10.6%, compared to the same period last year.
Canadian Merchandise Imports
Canadian merchandise imports: Imports rose 2.4%, to $49.8 billion, a sixth consecutive monthly increase. Higher imports of aircraft and other transportation equipment and parts (+45.9%, to $2.0 billion), motor vehicles and parts (+3.7%, to $9.8 billion), as well as energy products (+6.5% to $2.8 billion) led the increase in May.
For the first five months of the year, total imports increased 5.5% compared to the same period last year.
- Canada’s trade surplus with the United States narrowed to $3.5 billion in May, from $4.8 billion in April.
- Exports to the United States edge down 0.3% to $36.3 billion in May.
- Imports from the United States were up 3.6% to a record $32.7 billion, on higher imports of aircraft and motor vehicles.
|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 $4.6 billion in May, from $5.3 billion in April.
- Exports to non-U.S. countries advanced 6.2% to $12.4 billion.
- Higher exports of unwrought gold to the United Kingdom were responsible for the increase.
- Imports from countries other than United States edged up 0.2% as higher imports from Saudi Arabia (crude oil), China, and Belgium were largely offset by lower imports from Germany (passenger cars).
In May, exports rose 1.3% to a record high of $48.7 billion, a third consecutive monthly gain on account of higher volumes, with advances in 8 of 11 sectors. Export volumes were up 1.2% while export prices edged up 0.2%.
- Exports of metal and non-metallic mineral products increased 11.1% to a record high of $6.2 billion.
- Leading the rise were unwrought precious metals and precious metal alloys (+$731 million), mainly on stronger exports of unwrought gold to the United Kingdom.
- Exports of motor vehicles and parts rose 3.6%, to $8.5 billion.
- Export of passenger cars and light trucks posted the largest increase, up 3.0% to $5.8 billion.
- Exports of energy products fell 9.0% to $8.0 billion, limiting the overall gains.
- Exports of crude oil and crude bitumen, down 15.2% to $5.0 billion, were behind this decrease, an atypical decline for crude oil in May, a month that usually sees increases with the start of the summer.
In May, imports were up 2.4% to $49.8 billion, a sixth consecutive monthly increase, with gains in 7 of 11 sectors. Imports volumes were up 1.8%, while import prices posted a 0.6% gain.
- Imports of aircraft and other transportation equipment and parts increased 45.9% to $2.0 billion.
- Aircraft imports led the gain and rose $527 million to $636 million in May, due to the imports of five new airliners.
- Imports of motor vehicles and parts posted a fifth consecutive monthly increase, up 3.7% to a record $9.8 billion.
- Imports of motor vehicle engines and motor vehicles parts rose 4.4%, coinciding with stronger production and higher exports of motor vehicles in May.
- After having posted a 3.1% decline in April, imports of passenger cars and light trucks rebounded 3.4% in May, to reach $4.3 billion.
- Imports of energy products increased 6.5% to reach $2.8 billion.
- Imports of refined petroleum energy products led the increase, up 16.4% to $748.1 million.
|Industrial Machinery & Equipment||3,080||16.4%||4,499||10.0%|
|Electronic./Electric. Machin. & Equip.||2,492||9.2%||5,572||7.2%|
|Aircrafts/Other Transportation Equip.||1,923||-1.6%||2,033||5.1%|
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.
- Date Modified: