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Monthly Trade Report

Monthly report on Canada's international merchandise trade performance, March 2012

Summary

Canadian merchandise exports declined by 0.4% in March, as prices fell by 1.3%. Exports to the U.S. decreased by 2.1%, while exports to Japan rose by 7.8% and were up 2.4% to the EU. Shipments to all other destinations increased by 5.2%. Monthly imports decreased by 0.6%. Imports from Japan and the EU increased by 9.9% and 2.8%, respectively, while imports from the U.S. and all other countries declined by 1.4% and 0.8%, respectively. With exports declining less than imports, Canada’s trade surplus grew from $273 million in February to $352 million in March.

Canadian merchandise exports

Canadian merchandise exports edged down by 0.4% to $39.5 billion in March, predominantly due to declines in energy and automotive products. However, compared with the same month in the previous year, exports were up by 6.0%.

Exports fell in four of the seven major sectors in March, led by a 8.9%-decline in the energy sector and a 0.7%-decline in the automotive sector. Increases in consumer goods (up 11.6%), industrial goods (up 6.2%), and machinery and equipment (up 3.4%) helped to limit the overall export decline.
On a geographic basis, monthly merchandise exports to the U.S. decreased by 2.1%, which was the third consecutive monthly decrease. Exports increased by 7.8% to Japan, by 2.4% to the EU, and by 5.2% to all other destinations.
Year-to-date exports were up 8.6%, with significant gains registered with most of Canada’s large trading partners. Exports to Japan were the exception: they were down by 6.3% over the first three months of 2012 compared to the same period last year.

Canadian merchandise imports

Canadian merchandise imports decreased by 0.6% to $39.1 billion in March, and were up by 4.3% compared to the same month in the previous year. Overall, import prices fell by 2.3%. The overall decline in imports was due to lower imports of energy products and industrial goods and materials. The mild winter conditions in March and resulting weak demand for energy products were likely behind the declines in energy imports.

With the exception of the energy and industrial goods sectors, which fell by 14.9% and 4.0% respectively, monthly imports in February rose in all other major sectors. The greatest percentage increases were in the automotive sector, where imports were up by 4.7%, followed by the forestry sector, which advanced by 4.3%.
On a geographic basis, imports from the EU and from Japan increased by 2.8% and by 9.9%, respectively. Imports the U.S. and all other destinations decreased by 1.4% and 0.8% respectively.
Year-to-date imports were up by 7.4%, reflecting strong growth with nearly all of Canada’s large trading partners. The EU was the exception, with imports down 1.8% over the first three months of 2012 compared to the same period last year.

Canada’s merchandise trade balance

Canada’s merchandise trade balance registered a surplus of $352 million in March, up from a $273 million surplus in February.

Canada’s monthly trade surplus with the United States slipped from $4.9 billion in February to $4.6 billion in March.
Canada’s deficit with the rest of the world (non-U.S. trade partners) narrowed from $4.6 billion in February to $4.3 billion in March.