Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $181 million in June and to $172 million in July, were up substantially in August to $232 million. Canadian imports from Belgium on the other hand, amounting to $165 million in June and to $130 million in July, also increased to $213 million in August. As we can see, our bilateral trade is on the upswing and it will be interesting to see its evolution ahead.
Canada’s overall exports increased 0.6% to $43.4 billion in August, while imports stood largely unchanged at $45.3 billion, lowering our international merchandise trade deficit from $2.2 billion in July to $1.9 billion in August.
Total exports were up 0.6% to $43.4 billion thanks to higher exports of consumer goods (+7%), metal and non-metallic mineral products (+6.2%) and energy products (+4.4%). These were offset by lower exports of motor vehicles and parts (-5.8%) and aircraft and other transportation equipment (-16.2%).
Total imports for August were largely unchanged at $45.3 billion. Higher imports of metal and non-metallic mineral products (+8.6%), consumer goods (+0.9%) and motor vehicles and parts (+0.8%) were compensated by lower imports of energy products (-16.6%).
Geographically, Canadian exports to the United States decreased 1.6% to $32.4 billion, while imports were down 0.1% to $29.9 billion. This narrowed Canada’s trade deficit with the United States from $3 billion in July to $2.5 billion in August.
Exports to countries other than the United States rose 7.7% to $11 billion, the largest increase since May 2014 while imports from these countries were up 0.3% to $15.4 billion. Canada’s trade deficit with countries other than the United States therefore narrowed from $5.2 billion to $4.4 billion.
South of the border meantime, US exports stood at US$187.9 billion in August (+0.8%) while imports reached $228.6 billion (+1.1%). Industrial supplies and materials and automotive vehicles and parts led the increase in exports, offset by lower exports of capital goods and civilian aircraft. The increase in imports was led by capital goods, civilian aircraft and telecommunications equipment while imports of industrial supplies were down.
Detailed data on products/countries is available from Solimpex upon request.
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Sources: Statistics Canada, US Census Bureau, Office of National Statistics