The latest figures from Statistics Canada show that Canadian exports to Belgium, amounting to $243 million in March and down to $134 million in April, went back up to $266 million in May. Regarding Canadian imports from Belgium, amounting to $274 million in March and down to $184 million in April, they were back up to $217 million in May. As we can see, our bilateral trade has its ups and downs and it will be interesting to follow its evolution in the coming months.
Overall, Canada’s merchandise exports increased 3.5% in May while imports grew only 1.6%, thereby reducing Canada’s trade deficit with the world from $961 million in April to $152 million. Exports increased to $44.2 billion, the second highest value on record, led by motor vehicles and parts (+9.8%), energy products (+3.4%), consumer goods (+4.4%), pharmaceutical products (+41.4%, after a 25.6% decline in April) and food products (+10.5%), mainly peas and lentils. Imports expanded to $44.3 billion, the main contributors being motor vehicles and parts (+6.7%), metal ores and non-metallic minerals (+44.5%), aircraft and other transportation equipment (+12.7%), while imports of energy products declined (-3.6%).
Canada’s exports to the United States increased 2.1% to $33.5 billion, led by passenger cars and light trucks while our imports from the United States were down 0.2% to $28.7 billion, increasing our trade surplus with the U.S. from $4 billion in April to $4.8 billion in May. Canadian exports to countries other than the United States grew 8.3% to $10.7 billion, while imports rose 5.1% to $15.6 billion, led by the European Union (+12.4%), slightly reducing our trade deficit with countries other than the U.S. from $5 billion in April to $4.9 billion in May.
South of the border meantime, figures released the Department of Commerce show May exports of $195.5 billion and imports of $239.8 billion, resulting in a U.S. goods and services deficit of $44.4 billion, down from $47 billion in April. The April to May increase in U.S. exports reflected increases in automotive vehicles and parts, consumer goods, industrial supplies and foods, feeds, and beverages while exports of capital goods decreased. The April to May decrease in U.S. imports reflected decreases in industrial supplies, consumer goods and foods, feeds and beverages while U.S. imports of automotive vehicles, parts and engines and capital goods increased.
Christian Sivière Christian.siviere@videotron.ca All Rights Reserved July 2014
Sources: Statistics Canada, U.S. Census Bureau
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