Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $239 million in June and were down to $125 million in July, were down again to $124 million in August. Canadian imports from Belgium on the other hand, which amounted to $163 million in June and to $145 million in July, were up to $209 million in August. So as can seen above, our bilateral trade fluctuates a lot and it will be interesting to follow its evolution in the months ahead.
Overall Canadian merchandise imports rose 3.9% in August, while exports decreased 2.5%, bringing Canada’s foreign trade balance from a surplus of $2.2 billion in July to a deficit of $610 million in August.
Imports rose to a record high of $44.8 billion, led by metal and non-metallic mineral products (+ 24.1%), energy products (+ 20.8%) and consumer goods (+ 4.4%) but imports of motor vehicles and parts fell 7.2%.
Exports decreased to $44.2 billion, declining in 9 of 11 sections. The main contributors were motor vehicles and parts (- 11.2%) and energy products (- 5.8%) while exports of aircraft and other transportation equipment were up 26.8%.
Geographically, Canadian imports from the United States were up 1.4% to $29.7 billion while exports to the United States declined 2.5% to $33.3 billion, mainly due to lower exports of motor vehicles and parts and energy products. This narrowed Canada’s trade surplus with the United States from $4.8 billion in July to $3.5 billion in August. Imports from countries other than the United States rose 9.3% to $15.1 billion due to higher imports from the principal trading area “all other countries” (+18.8%), primarily crude oil and crude bitumen. Exports to countries other than the United States declined 2.5% to $10.9 billion, mainly due to lower exports to the European Union (-4.4%) and Japan (-9.9%). Our trade deficit with countries other than the United States therefore widened from $2.6 billion in July to $4.1 billion in August.
On the U.S. side, figures released by the Department of Commerce show that American exports totalled $198.5 billion in August while imports amounted to $238.6 billion, resulting in a deficit of $40.1 billion, down from $40.3 billion in July. The July to August increase in exports reflected increases in capital goods, consumer goods and industrial supplies while exports of automotive vehicles and parts and foods, feeds and beverages were down. The July to August increase in imports reflected increases in capital goods and consumer goods while imports of automotive vehicles and parts, foods, feeds and beverages as well as industrial supplies decreased.
Christian (Chris) Sivière Import Export Logistics Solutions TM, Montréal
Tel: 514 652 2557 email@example.com
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Sources: Statistics Canada, U.S. Census Bureau