Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, November 2019
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Canada’s merchandise exports and imports both declined in November, coinciding with rail and pipeline disruptions.
- Canada’s trade deficit with the world narrowed from $1.6 billion in October to $1.1 billion in November.
- Exports contracted 1.4% in November to reach $48.7 billion.
- Export decreases were observed in 7 of 11 sectors.
- Energy products drove the overall export decrease.
- Imports were down 2.4% to $49.8 billion in November.
- Import decreases were widespread, occurring in 10 of 11 sectors.
- Aircraft and other transportation equipment and parts led the nominal decreases.
Chart 1: Value of Canada's trade in goods, November 2014 to November 2019
Source: Statistics Canada Table 12-10-0011-01, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: decreased 1.4% in November, to $48.7 billion. Decreases were observed in 7 of 11 sectors.
Year-to-date, exports were up 1.5% compared to the same period in 2018.
Canadian Merchandise Imports
Canadian merchandise imports: declined 2.4% to $49.8 billion in November with widespread decreases observed in 10 of 11 sectors.
Year-to-date, imports were up 1.4% compared to the same period in 2018.
- Exports to the United States decreased 3.3% to $36.1 billion in November.
- Imports from the United States dropped 1.1% to $31.9 billion.
- As a result, Canada’s merchandise trade surplus with the United States narrowed from $5.1 billion in October to $4.2 billion in November.
|Source: Statistics Canada Table 12-10-0011-01, Merchandise imports and exports, Balance of payments basis, seasonally adjusted, current dollars.|
Countries other than United States:
- Exports to non-U.S. countries climbed 4.3% in November.
- There were record exports to the UK (gold and crude oil), as well as increased exports to France (canola and soybeans) and Hong Kong (gold).
- Imports from countries other than the United States declined 4.7% in November.
- There were lower imports from China (various products) and Mexico (autos).
- As a result, Canada’s trade deficit with countries other than the United States decreased from $6.7 billion in October to $5.3 billion in November.
In November, exports contracted 1.4% to $48.7 billion as export volumes decreased 2.7%, while export prices increased 1.4%.
- Exports of energy products led the decrease in November (-7.4%), mainly on lower exports of crude oil.
- Partially offsetting this decrease were higher exports of natural gas (+30.7%).
- Partially offsetting the overall decrease:
- Exports of metal and non-metallic mineral products reached a record in November (+7.3%).
- Exports of unfinished precious metal products rose sharply for a second consecutive month (+29.5%) on higher exports of gold bars to the UK and Hong Kong.
- Lower exports of aluminum and iron and steel products moderated the increase of this sector. These products were particularly affected by the rail transportation disruptions in November.
- Moreover, exports of farm, fishing and intermediate food products increased in November (+9.6%).
- Following significant declines in October, both canola and other crop products (mainly soybeans) rebounded in November, primarily on higher exports to European destinations.
In November, imports fell 2.4% to $49.8 billion as import prices decreased 1.1%, and import volumes contracted 1.3%.
- Imports of aircraft and other transportation equipment and parts decreased in November (-13.8%), mainly on lower imports of airliners from overseas and lower imports of aircraft engines and parts from the U.S.
- Imports of energy products declined in November (-7.5%) to $3.2 billion.
- Mainly due to lower import volumes of natural gas and lower imports of crude oil.
|Industrial Machinery & Equipment||3,290||-3.4%||5,623||-3.9%|
|Electronic./Electric. Machin. & Equip.||2,443||-1.9%||6,050||-0.7%|
|Aircrafts/Other Transportation Equip.||2,694||28.5%||1,696||-23.8%|
Source: Statistics Canada Table 12-10-0121-01, International merchandise trade data by North American Product Classification System (NAPCS) – seasonally adjusted. Totals don’t add up as “Special transactions trade” and “Other balance of payments adjustments” are not included.
- Date Modified: