Canada’s merchandise exports grew 1.4% in June, while imports only increased 0.6%, narrowing our trade deficit with the world from $781 million in May to $469 million in June.
Exports rose to $39.6 billion, led by unwrought precious metals and precious metal alloys, passenger cars, light trucks and aircrafts. Imports increased to $40 billion, an increase in imports of crude oil and bitumen and aircrafts being partially offset by lower imports of lubricants and other petroleum products, communications, audio and video equipment, pharmaceutical and medicinal products.
Exports to the United States grew 1.5% to $29.4 billion, while imports from the United States declined 0.8% to $25.6 billion, bringing Canada’s trade surplus with the U. S. from $3.2 billion in May to $3.8 billion in June. Year-to-date total imports from the United States reached $153.3 billion in June, the highest value on record.
Imports from countries other than the United States increased 3.3% to $14.5 billion, with the trading area “all other countries” leading the increase, on higher imports of crude oil and crude bitumen. Exports to countries other than the United States were up 1.4% to $10.2 billion, bringing our trade deficit with countries other than the United States from $3.9 billion in May to $4.3 billion in June.
Exports increase thanks to higher volumes
Exports of metal and non-metallic mineral products grew 11.6% to $4.8 billion, unwrought precious metals and precious metal alloys (+32%), as well as unwrought nickel and nickel alloys (+47.6%), being the main contributors to the increase.
Exports of aircraft and other transportation equipment rose 24.2% to $1.7 billion, with exports of aircraft leading the overall gain (+59.6%). Exports of motor vehicles and parts rose 5.5% to $5.8 billion, on the strength of exports of passenger cars and light trucks (+8.4%).
Exports of farm, fishing and intermediate food products fell 9.4% to $2.1 billion, the two main contributors to the decrease being canola as well as food and tobacco intermediate products. Exports of forestry products and building and packaging materials decreased 7.3% to $2.6 billion. A decrease in exports of pulp and paper stock, as well as lumber and other sawmill and millwork products led widespread declines in the section.
Energy products lead gain in imports
Imports of energy products increased 20.1% to $3.8 billion with imports of crude oil and crude bitumen growing 53% in June, following a 33.5% decline in May. Meanwhile, imports of refined petroleum energy products declined 15.1%.
Imports of aircraft and other transportation equipment and parts rose 27.3% to $1.3 billion, with ships, aircrafts, railway rolling stock and rapid transit equipment leading the increase. Imports of consumer goods fell 2.9% to $8 billion, with this being largely attributable to pharmaceutical and medicinal products (-18.6%).
Imports of industrial, chemical, plastic and rubber products decreased 6.7% to $3.2 billion, lubricants and other petroleum refinery products being the main contributor (- 56%).
Imports of electronic and electrical equipment declined 3.5% to $4.8 billion, communications, audio and video equipment being down 16.2%, after posting a record high in May. Imports of electronic and electrical parts grew 12.6%, partially offsetting the overall decrease.
How about South of the border ?
The U.S. international trade deficit in goods and services decreased from $44.1 billion in May to $34.2 billion in June, as exports increased, while imports decreased. The increase in exports came primarily from industrial supplies and materials, capital goods, consumer goods, foods, feeds and beverages, while exports of automotive vehicles, parts and engines decreased. The lower imports reflected decreases in industrial supplies and materials, consumer goods, foods, feeds and beverages, automotive vehicles, parts and engines, with capital goods virtually unchanged. The U.S. deficit with the European Union decreased from $10.8 billion in May to $7.1 billion in June and the deficit with China decreased from $27.9 billion to $26.6 billion for the period.
And how about Canada’s trade with Belgium ?
Regarding trade with Belgium, Canadian exports amounted to $220 million in April, went down to $130 million in May and down again to $94 million in June. Canadian imports from Belgium, on the other side, went from $182 million in April, down to $126 million in May, then down again to $118 million in June. So our bilateral trade experiences peaks and valleys and it will be interesting to follow its evolution in the months ahead. Christian Sivière email@example.com All Rights Reserved August 2013 Source: Statistics Canada, U.S. Census Bureau
By Christian Sivière firstname.lastname@example.org All Rights Reserved August 2013 Source: Statistics Canada, U.S. Census Bureau
Canada’s exports and imports June 2013