The latest data from Statistics Canada shows that Canadian exports to Belgium, which amounted to $422 million in May and to $142 million in June, were down to $124 million in July. Canadian imports from Belgium on their side, which amounted to $217 million in May and $165 million in June, went down as well to $143 million in July. As we can see, our bilateral trade has its ups and downs and it will be interesting to see its evolution in the coming months.
Overall, Canada’s merchandise exports increased 1.4% in July, while imports were down 0.3%, bringing its trade surplus with the world from $1.8 billion in June to $2.6 billion in July.
Exports rose to $45.5 billion, led by motor vehicles and parts (+9.7%), while exports of energy products, mainly crude oil, bitumen and natural gas, declined 2.1%.
Imports edged down to $43 billion, due to lower imports of aircraft and other transportation equipment and parts (-11.9%), consumer goods (-1.9%) as well as metal and non-metallic mineral products (-4.4%), while imports of motor vehicles and parts rose 2.7%.
Canada’s exports to the United States rose 1.9% to $34.4 billion while imports from the U.S. increased only 1.2% to $29.2 billion, motor vehicles and parts being the main contributor to both gains. The Canadian trade surplus with the United States consequently increased from $4.9 billion in June to $5.1 billion in July.
Canada’s exports to countries other than the United States were up 0.1% to $11.2 billion while imports from those countries declined 3.2% to $13.7 billion, led by imports from the principal trading area “all other countries” (-4.6%) and the European Union (-3.7%). Canada’s trade deficit with those countries therefore narrowed from $3 billion in June to $2.6 billion in July.
South of the border meantime, the latest statistics released by the U.S. Census Bureau show that total U.S. exports amounted to $198 billion in July while imports reached $238.6 billion, resulting in a goods and services deficit of $40.5 billion, down from $40.8 billion in June.
The increase in U.S. exports of goods came primarily from automotive vehicles and parts,
industrial supplies and materials and capital goods while exports of consumer goods and foods, feeds and beverages were down. The increase in U.S. imports of goods came from automotive vehicles and parts, industrial supplies and materials and foods, feeds and beverages, while imports of consumer goods decreased.
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Sources : Statistics Canada, U.S. Census Bureau