Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, February 2019
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Canada’s global exports were down in February despite a 3.5% increase in exports to the U.S.
- Canada’s merchandise trade deficit with the world narrowed from $3.1 billion in January to $2.9 billion in February.
- In February, total exports decreased 1.3% over the previous month to $48.0 billion.
- MMainly on lower exports of non-energy products.
- Exports decreases were observed in 10 of 11 sectors.
- Imports were down 1.6% to $50.9 billion in February.
- The decline in imports was widespread across all sectors.
- Imports decreases were observed in 8 of 11 sectors.
Chart 1: Value of Canada's trade in goods, February 2014 to February 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: exports fell 1.3% to $48.0 billion from January to February. All non-energy product sectors posted declines in February, led by the metal and non-metallic mineral products.
Year-to-date (January and February 2019), exports were up 4.6%, compared to the same period in 2018.
Canadian Merchandise Imports
Canadian merchandise imports: imports fell 1.6% to $50.9 billion in February, with metal and non-metallic mineral products posting the largest decline.
Year-to-date (January and February 2019), imports were up 6.2%, compared to the same period in 2018.
- Exports to the United States rose 3.5% to $36.3 billion in February, primarily on higher exports of crude oil.
- Imports from the United States gained 1.2%, to $32.8 billion in February, in part due to higher imports of aircraft.
- As a result, Canada’s merchandise trade surplus with the United States widened from $2.6 billion in January to $3.5 billion in February.
|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 fell 14.0% in February to $11.7 billion, the lowest level since February 2018.
- Widespread decreases were led by lower export to the U.K. (gold), Saudi Arabia (other transportation equipment), Japan (canola and other crop products) and the Netherlands (iron ores, crude oils and coal).
- Imports from countries other than the United States also posted a strong decline, down 6.3% to $18.1 billion in February.
- A number of countries contributed to the decrease, including China (various products), Mexico and Germany (both cars), and the U.K. (aircraft and parts, energy products).
- As a result, Canada’s trade deficit with countries other than the United States rose from $5.7 billion in January to $6.4 billion in February.
In February, exports fell 1.3% to $48.0 billion with declines observed in 10 of 11 sectors. Export volumes were down 4.1%, while exports prices increased by 2.9%.
- Exports of metal and non-metallic mineral products contracted (-6.6%) to $5.2 billion.
- The decrease was largely due to lower exports of refined gold to the U.K.
- Exports of metal ores and non-metallic minerals fell in February (-11.0%) to $1.7 billion.
- There were lower exports of potash to the United States, as well as lower exports of iron ores to the Netherlands.
- Exports of motor vehicles and parts were also down in February (-2.8%), to $7.3 billion.
- Mainly on lower exports of passenger cars and light trucks.
- Partially offsetting the overall decrease, exports of energy products increased in February (+11.7%) to $9.3 billion.
In February, imports declined 1.6% to $50.9 billion, following two consecutive monthly increases. Decreases were observed in 8 of 11 sectors. Import prices were down 1.6%, while import volumes were essentially unchanged.
- Imports of metal and non-metallic mineral products fell in February (-7.7%).
- Mainly due to lower imports of unwrought gold.
- Imports of electronic and electrical equipment and parts fell in February (-3.8%) to $5.8 billion.
- After reaching high levels in the past three months, imports of computers and peripherals (-9.5%) fell back in February, mainly on lower imports of laptops from the U.S. and China.
- Other notable decreases in imports were observed in the industrial machinery, equipment and parts sector (-3.5%), consumer goods (-1.9%) and motor vehicles and parts (-1.9%).
- Partially offsetting these decreases were higher imports of aircraft and other transportation equipment and parts (+6.3%) to $2.8 billion, mostly on higher imports of airliners from the U.S.
|Industrial Machinery & Equipment||3,387||8.3%||5,755||8.9%|
|Electronic./Electric. Machin. & Equip.||2,511||8.4%||5,787||1.5%|
|Aircrafts/Other Transportation Equip.||2,182||12.2%||2,830||43.5%|
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: