Monthly Merchandise Trade Report

Monthly Report on Canada's International Merchandise Trade Performance, February 2016

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Summary

After reaching a record level of $46.2 billion in January, Canadian merchandise exports fell 5.4% to $43.7 billion in February, driven by declining exports to the United States. Merchandise imports decreased 2.6% to $45.6 billion in February. As a result, Canada’s merchandise trade deficit with the world widened from a revised $628 million in January to $1.9 billion in February.

Canadian Merchandise Exports

Canadian merchandise exports fell 5.4% to $43.7 billion in February, after reaching a record in January. Export prices declined 3.2% and volumes 2.2%.  Although exports declined for the month, on a year-to-date basis exports are up 4.8% when compared to the first two months of 2015.

  • February’s $2.5 billion decrease in exports was driven by a $2.0 billion or 5.6% decline in exports to the United States. Exports to non-U.S. destinations fell by $0.5 billion or 4.8% in February. Particularly large percentage declines were seen in exports to Hong Kong (-41.1%), Italy (-34.5%), Germany (-22.2%), and South Korea (-21.2%). 
  • Exports fell in 7 of 11 major sectors. Energy products and consumer goods led the monthly declines, falling 14.4% and 14.3%, respectively. Exports rose in four sectors, led by a 25.2% gain in exports of aircraft and other transportation equipment and parts.

Canadian Merchandise Imports

Canadian merchandise imports dropped 2.6% to $45.6 billion in February, as prices were down 1.4% and volumes 1.2%. Year-to-date, imports were 3.5% higher than in the first two months of 2015.

  • Imports from the U.S. fell at a slightly faster pace than total, down 2.7% to $30.5 billion. However, the largest percentage fall from a major trade partner was seen in imports from the Netherlands, which dropped 19.5%.
  • Imports declined in 9 of 11 sectors, led by energy products, which fell 29.7% to $1.4 billion, the lowest import value since September 2003.  Volumes of energy products declined 21.2% and prices 10.8%. Following four consecutive monthly increases, imports of motor vehicles and parts declined 2.7% to $8.8 billion in February. 

Canada’s Merchandise Trade Balance

Canada’s merchandise trade deficit widened from a revised $628 million in January to $1.9 billion in February.

  • Canada’s merchandise trade surplus with the United States narrowed from $3.8 billion in January to $2.7 billion in February.
  • Canada’s merchandise trade deficit with countries other than the United States widened from $4.4 billion in January to $4.6 billion in February.
  • Year-to-date, Canada’s merchandise trade deficit with the world narrowed from $3.5 billion in the first two months of 2015 to $2.5 billion in the first two months of 2016. 
Key Export Trade Statistics by Region – February 2016
Region$ billionsChange over
previous month (%)
Change over
previous year (%)
YTD 2015
$ billions
YTD change
over previous year
United States33.133-5.63.768.2366.3
EU3.348-0.50.66.711-1.5
China1.993-5.012.44.09118.1
Japan0.9785.939.21.90216.0
Mexico0.6922.510.21.3689.5
Other3.531-12.0-19.37.545-9.8
All43.675-5.42.189.8534.8
Key Import Trade Statistics by Region – February 2016
Region$ billionsChange over
previous month (%)
Change over
previous year (%)
YTD 2015
$ billions
YTD change
over previous year
United States30.455-2.72.461.7553.5
EU4.316-0.93.78.6735.6
China3.3692.88.26.6452.3
Japan0.838-3.6-0.71.7081.8
Mexico1.500-1.2-9.03.017-5.7
Other5.105-7.01.310.5925.7
All45.583-2.62.392.3893.5
Key Trade Balance Statistics –  February 2016
Activity$ billionsChange over
previous month
Change over
previous year
YTD 2015
$ billions
YTD change
over previous
year
Exports43.675-5.4%2.1%89.8534.8%
Imports45.583-2.6%2.3%92.3893.5%
Trade Balance-1.908-0.628-1.778-2.536-3.549
Key Export Trade Statistics by Sector –  February 2016
Sector$ billionsChange over
previous month (%)
Change over
previous year (%)
YTD 2015
$ billions
YTD
change over
previous year
Farm, fishing and intermediate food products2.7752.40.95.4832.6
Energy products4.884-14.4-36.610.589-30.7
Metal ores and non-metallic minerals1.5460.91.43.078-2.3
Metal and non-metallic mineral products4.8473.0-1.09.551-4.5
Basic and industrial chemical, plastic and rubber products2.870-6.8-1.35.9481.7
Forestry products and building and packaging materials3.458-6.46.17.1519.8
Industrial machinery, equipment and parts2.742-8.11.25.7266.8
Electronic and electrical equipment and parts2.452-3.33.74.9878.8
Motor vehicles and parts8.732-4.445.717.86941.9
Aircraft and other transportation equipment and parts1.90925.2-12.23.434-18.8
Consumer goods6.244-14.316.413.52828.2
Key Import Trade Statistics by Sector –  February 2016
Sector$ billionsChange over
previous month (%)
Change over
previous year (%)
YTD 2015
$ billions
YTD
change over
previous year
Farm, fishing and intermediate food products1.508-1.915.73.04517.3
Energy products1.446-29.7-44.23.505-32.8
Metal ores and non-metallic minerals0.815-9.2-11.31.714-1.7
Metal and non-metallic mineral products3.744-4.8-10.87.679-8.7
Basic and industrial chemical, plastic and rubber products3.713-3.44.47.5554.2
Forestry products and building and packaging materials2.092-2.93.24.2494.9
Industrial machinery, equipment and parts4.483-0.6-0.68.995-2.2
Electronic and electrical equipment and parts5.334-0.51.210.6941.3
Motor vehicles and parts8.770-2.715.317.78614.6
Aircraft and other transportation equipment and parts1.7080.2-4.33.412-0.2
Consumer goods10.4080.612.420.7613.0
Key Rates and Indices - February 2016
TypeCurrent
month
Previous
month
Same month
previous year
Change over
previous month (%)
Change over
same month
previous year (%)
Commodity Price IndexFootnote 1297.9301.9419.61.3-28.1
Can/US Exchange Rate1.3801.4221.250-3.010.4
Trade weighted exchange rateFootnote 291.288.999.62.6-8.5
Terms of trade (2007 = 100)87.788.394.3-0.7-7.0
Canada-U.S. Trade in Billions of DollarsFootnote 3
MonthExportsImports
February 201633.13330.455
January 201634.94031.245
December 201534.05330.919
November 201532.99930.455
October 201532.38530.459
September 201533.29930.783
August 201534.18830.935
July 201535.07731.046
June 201534.07529.966
May 201532.11829.653
April 201532.09229.594
March 201531.37829.703
February 201531.67929.683
Canada-U.S. Trade in Billions of Dollars
Exports to the EU, China, Japan, Mexico and Others in Billions of DollarsFootnote 4
MonthExports to EUExports to ChinaExports to JapanExports to MexicoExports to Others
February 20163.3481.9930.9780.6923.531
January 20163.3512.0950.9060.6724.032
December 20153.4931.8150.9200.6914.558
November 20153.3501.8300.9650.6703.989
October 20153.6151.7360.7420.6144.250
September 20153.2091.7540.8330.6544.213
August 20152.7431.8960.8580.7524.132
July 20153.3771.9730.8290.7203.917
June 20153.4571.7510.8410.6333.795
May 20153.0481.6100.7660.6794.100
April 20153.0151.9890.7640.6043.856
March 20153.3801.6830.9510.6604.233
February 20153.3761.7350.7210.6314.325
Exports to the EU, China, Japan, Mexico and Others in Billions of Dollars
Exchange Rate Indices
MonthUS
dollar
Chinese
renminbi
EuroJapanese
yen
Mexican
peso
February 201690.694.992.787.4111.9
January 201687.992.491.987.5106.5
December 201591.294.195.193.5104.3
November 201594.195.999.797.2104.9
October 201595.697.196.796.7106.2
September 201594.296.095.295.3106.4
August 201595.196.596.898.4105.5
July 201597.296.5100.3100.9103.9
June 2015101.1100.3102.2105.3104.9
May 2015102.6101.8104.5104.4105.1
April 2015101.4100.6106.4102.0103.4
March 201599.198.8103.9100.4101.2
February 2015100.0100.0100.0100.0100.0
Exchange Rate Indices
Commodity
Price Indices
Footnote 5
MonthTotal, all
commodities
Total
excl. energy
EnergyForestryAgriculture
February 201671.085.358.287.082.1
January 201671.983.561.587.080.5
December 201576.983.671.187.080.8
November 201584.287.081.587.786.6
October 201588.689.388.087.688.8
September 201589.189.189.185.891.1
August 201587.092.082.690.496.9
July 201598.596.8100.194.6103.0
June 2015108.298.9117.993.0105.0
May 2015108.499.0118.288.4103.3
April 2015102.098.1106.090.6100.9
March 201596.698.894.494.7102.2
February 2015100.0100.0100.0100.0100.0
Commodity Price Indices

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