Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, November 2018
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In November, exports were down for a fourth consecutive month, due to lower exports of energy.
- Canada’s merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November.
- In November, total exports decreased 2.9% over the previous month, to $48.3 billion.
- Mainly on lower exports of crude oil to the United States.
- Exports to non-U.S. countries edged up 0.1% in November.
- Imports decreased 0.5% to $50.4 billion in November.
- Largely due to fewer imports of motor vehicles and parts.
- Imports declines were observed in 7 of 11 sectors.
Chart 1: Value of Canada's trade in goods, November 2013 to November 2018
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 2.9% to $48.3 billion from October to November, a fourth consecutive monthly decline with energy products contributing the most to the decline.
Year-to-date (January to November), exports were up 6.9%, compared to the same period last year.
Canadian Merchandise Imports
Canadian merchandise imports: imports edged down 0.5% to $50.4 billion, led by vehicles and parts. Partially offsetting the decrease were higher imports of aircraft and other transportation equipment and parts (+21.2%), to $2.1 billion.
Year-to-date, imports were up 6.0% compared to the same period last year.
- Exports to the United States declined 3.9% to $35.3 billion in November on lower exports of crude oil.
- Imports from the United States were down 0.3%, to $33.2 billion in November.
- As a result, Canada’s merchandise trade surplus with the United States narrowed from $3.5 billion in October to $2.2 billion in November, the smallest trade surplus since September 2017.
|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 edged up 0.1% in November to $13.0 billion.
- A sharp increase in exports to the U.K. (gold) was almost entirely offset by a decrease in exports to Hong Kong (gold), the Netherlands (iron ore and heavy fuel oil), and China (gold).
- Imports from countries other than the United States fell 0.8% to $17.2 billion in November, a third consecutive monthly decline.
- Lower imports from Russia (crude oil), Switzerland (copper), and Mexico (passenger cars and light trucks) were partially offset by higher imports from China (computers) and Japan (gold and passenger cars).
- As a result, Canada’s trade deficit with countries other than the U.S. narrowed from $4.4 billion in October, to $4.2 billion in November, the smallest deficit since December 2016.
In November, exports declined 2.9% to $48.3 billion with decreases observed in 8 of 11 sectors. Export volumes were down 1.8%, and exports prices decreased by 1.1%.
- Exports of energy products fell in November (-9.2%) to $8.4 billion.
- Exports of crude oil (-17.7%) led the decline, driven by a 13.9% drop in prices, which were down for a third consecutive month.
- Partially offsetting the decrease were higher exports of coal to South Korea, China, and Vietnam.
- Exports of basic and industrial chemical, plastic and rubber products also fell in November (-7.5%), to $2.8 billion.
- Exports of lubricants and other petroleum refinery products contracted (-26.4%), mostly on lower exports of motor gasoline blending stock to the northeastern U.S.
- Exports of forestry products and building and packaging materials were also down in November (-5.7%), primarily due to lower exports of pulp and paper (-10.1%). Despite November’s decline, the year-to-date cumulative value of pulp and paper exports was 18.2% higher compared to the same period last year.
In November, imports edged down 0.5% to $50.4 billion. Declines were observed in 7 of 11 sectors. Import volumes were down 0.3% and import prices edged down 0.1%.
- Imports of motor vehicles and parts contracted (-2.8%) to $8.9 billion.
- On lower imports of passenger cars and light trucks (-5.5%), to $3.7 billion.
- This is the ninth decrease in 12 months, with imports of passenger cars and light trucks declining 13.9% compared with November 2017.
- Imports of metal ores and non-metallic minerals fell in November (-18.6%) to $1.1 billion.
- After posting a record high in September, imports of other metal ores and concentrates were down (-19.6%) for a second consecutive month, mainly on lower imports of gold for refining from the United States.
|Industrial Machinery & Equipment||3,450||8.8%||5,825||5.9%|
|Electronic./Electric. Machin. & Equip.||2,512||3.1%||6,061||1.5%|
|Aircrafts/Other Transportation Equip.||2,105||11.7%||2,148||-4.3%|
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.
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