Figures just released by Statistics Canada show that Canadian exports to Belgium, which amounted to $167 million in December and went down to $125 million in January, went down again to $109 million in February. Canadian imports from Belgium, on the other hand, amounted to $152 million in December, were down to $133 million in January but recorded a strong increase to $203 million in February. So as we can see, our exchanges have peaks and valleys and it will be interesting to see their evolution in the coming months.
Overall, Canadian worldwide merchandise exports growth of 3.6% in February, while imports were only up 2.1%, brought Canada’s international trade balance from a deficit of $337 million in January to a surplus of $290 million in February.
Canadian exports increased to $42.3 billion, thanks to motor vehicles and parts (+9.7%) and energy products (+6%) while exports of farm, fishing and food products declined 6.8%.
Canadian imports grew to $42.1 billion, higher imports of energy products (+7.3%), motor vehicles and parts (+3%), as well as industrial machinery, equipment and parts (+4.4%) being partially offset by lower imports of metal and non-metallic mineral products (-5.3%).
Our exports to the United States rose 4.4% to $32.4 billion thanks to motor vehicles and parts and energy products while our imports from the United States increased only 3.3% to $28.1 billion, also due to motor vehicles and parts. Canada’s trade surplus with the United States therefore increased from $3.9 billion in January to $4.3 billion in February.
Our exports to countries other than the United States were up 1.1% to $9.9 billion, exports to the European Union (+6.8%) and Japan (+12%) partially offset by declines to the principal trading area “all other countries” (-3.8%). Imports from those countries were down 0.2% to $14 billion, narrowing our trade deficit with them from $4.2 billion in January to $4 billion in February.
South of the border meantime, U.S. February worldwide exports amounted to $190.4 billion and imports to $232.7 billion, resulting in a goods and services deficit of $42.3 billion. The January to February decrease in U.S. exports of goods reflected decreases in industrial supplies and capital goods. Increases occurred in consumer goods and automotive vehicles and parts, with foods and beverages virtually unchanged. The January to February decrease in U.S. imports of goods reflected decreases in capital goods, industrial supplies and materials, and foods, feeds and beverages while imports of automotive vehicles and consumer goods increased.
Christian Sivière Christian.siviere@videotron.ca All Rights Reserved April 2014
Sources : Statistics Canada, U.S. Census Bureau
Canada’s exports and imports
