Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $254 million in July and were down substantially in August to $124 million, were back up to $131 million in September. Canadian imports from Belgium on the other hand, which amounted to $145 million in July and had gone up to $210 million in August, were back down to $147 million in September. So as these statistics show us, our bilateral trade is fluctuating and it will be interesting to see its evolution in the coming months.
Overall, Canada’s merchandise imports declined 1.5% in September while exports rose 1.1%, bringing Canada’s foreign trade balance from a deficit of $463 million in August to a hefty surplus of $710 million in September.
Canadian Imports declined to $44.1 billion, the main contributors to this decline being energy products (-19.4%), metal and non-metallic mineral products (-12%) and consumer goods (-3%), while Canadian imports of industrial machinery, equipment and parts (+5.3%), electronic and electrical equipment (+5.1%) and motor vehicles and parts (+7%) were up.
Canada’s exports rose to $44.8 billion, with increases in 8 of 11 sections, led by motor vehicles and parts (+6.4%), consumer goods (+6.6%) and metal and non-metallic mineral products (+6.2%), while exports of farm, fishing and intermediate food products (-10.5%) as well as aircraft and other transportation equipment and parts (-20.9%) were down.
Geographically, Canadian imports from the United States were up 0.7% to $29.7 billion, led by motor vehicles and parts while exports increased 0.8% to $33.7 billion, leaving Canada’s trade surplus with the United States virtually unchanged at $3.9 billion. Imports from countries other than the United States, on the other hand, fell 5.8% to $14.3 billion, due to lower imports from the trading area “all other countries” (-12.6%). Exports to countries other than the U.S. were up 2.1% to $11.1 billion, led by the European Union (+6.8%). Canada’s deficit with these countries therefore narrowed from $4.3 billion to $3.2 billion.
How about Canada’s main trading partner, the United States ?
South of the border, statistics published by the Department of Commerce revealed that U.S. exports totalled $195.6 billion in September, while U.S. imports reached $238.6 billion, resulting in a goods and services deficit of $43 billion, up from $40 billion in August. U.S. September exports were $3 billion lower than August exports, while September imports were $0.1 billion more than in August. The decrease in exports of goods reflected reductions in industrial supplies and materials, capital goods, consumer goods and automotive vehicles and engines while increases occurred in foods, feeds and beverages. The decrease in imports reflected decreases in industrial supplies and materials, capital goods and automotive vehicles whereas imports of consumer goods and foods, feeds and beverages were up.
Christian Sivière, Import Export Logistics Solutions, Montréal
Tel : 514 652 2557 Christian.email@example.com All Rights Reserved November 2014
Sources: Statistics Canada, U.S. Census Bureau