By Christian Sivière. Canada’s merchandise exports grew 1.8%, while imports edged up 0.2% in September. Exports increased to $40.6 billion, thanks to energy products, aircraft and transportation equipment. Imports went up to $41.1 billion, with gains in energy products and consumer goods being partially offset by declines in chemical, plastic and rubber products, aircraft and transportation equipment. As a result, our deficit with the world narrowed from $1.1 billion in August to $435 million in September.
Exports to the United States increased 1% to $30.5 billion, thanks to higher exports of aircraft, while our imports from the U.S. went up 0.9% to $26.2 billion, our trade surplus with the U.S. rising from $4.2 billion in August to $4.3 billion in September.
Exports to countries other than the United States rose 4.2% to $10.1 billion, the European Union (+21.0%) being the main contributor to the increase. Imports from countries other than the United States declined 1.1% to $14.8 billion. As a result, Canada’s trade deficit with these countries went down from $5.3 billion in August to $4.7 billion in September.
Exports up thanks to energy and aircraft
Exports of energy products rose 4.6% to $10.2 billion, their highest level since September 2008. Natural gas, refined petroleum energy products, crude oil and bitumen contributed to the section’s growth. Exports of crude oil and bitumen alone have increased to a record high of $7.3 billion. Exports of aircraft and other transportation equipment and parts grew 17.4% to $1.6 billion, with aircraft being the main contributor.
Energy products and consumer goods lead the increase in imports
Imports of energy products advanced 7.3% to $3.9 billion. Imports of consumer goods grew 2.2% to a record $8.4 billion, led by pharmaceutical products (+9.3%). Imports of electronic and electrical equipment and parts rose 2.5% to $4.8 billion. Imports of aircraft and other transportation equipment and parts declined 12.7% to $1.2 billion, with aircraft being the only commodity grouping to register a decrease, down to $143 million. Imports of basic and industrial chemical, plastic and rubber products decreased 7.1% to $3.3 billion, the main contributor to the decline being lubricants and other petroleum refinery products (-32.3%).
How about South of the border ?
The U.S. trade deficit in goods and services increased by $3.1 billion to $41.8 billion in September. On the export side, the biggest change was industrial supplies and materials, decreasing by $1.3 billion, offset by foods, feeds, and beverages, increasing by $1.4 billion. On the import side, the increase came mainly from industrial supplies and materials, automotive vehicles, engines, capital and consumer goods.
And how about Canada’s trade with Belgium ?
Regarding trade with Belgium, Canadian exports amounted to $186 million in July, went down to $117 million in August, then down to $105 million in September. Canadian imports from Belgium, on the other hand, went from $208 million in July, to $178 million in August and stayed at $178 million in September. So our bilateral trade has ups and downs and it will be interesting to see its evolution in the coming months.
Christian Sivière email@example.com All Rights Reserved November 2013
Sources: Statistics Canada, U.S. Census Bureau
Canada’s exports and imports