Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $176 million in June and went down to $93 million in July, went back up to $153 million in August. Canadian imports from Belgium on the other hand, amounting to $235 million in June and to $236 million in July, were down to $179 million in August. As can be seen from these figures, our bilateral trade has its ups and downs and it will be interesting to follow its evolution in the coming months.
Overall, Canada’s exports declined 3.6% in August but imports were up 0.2%, so Canada’s international trade deficit widened from $817 million in July to $2.5 billion in August.
Total Canadian exports declined 3.6% to $44 billion, with decreases led by energy products (-14.7%), consumer goods (-8%) and metals and non-metallic mineral products (-9.7%) while exports of motor vehicles and parts (+3.1%) and metal ores and non-metallic minerals (+15.7%) went up.
Canadian imports were up 0.2% to $46.5 billion, the fourth consecutive month of growth, with increases in 6 sections offset by declines in the remaining 5 sections. Imports of consumer goods increased 2.6% while electronic and electrical equipment and parts declined 7.9% and aircraft and other transportation equipment and parts were down 14.4%.
Geographically, Canadian exports to the United States decreased 3% to $33.7 billion and imports from the United States were down 0.8% to $30.8 billion, narrowing Canada’s trade surplus with the U.S. from $3.7 billion to $2.9 billion. Exports to other countries fell 5.5% to $10.2 billion, while imports increased 2.2% to $15.6 billion, bringing Canada’s trade deficit with these countries from $4.5 billion up to $5.4 billion.
South of the border, as U.S. exports stood at $185.1 billion (-2%) and imports at $233.4 billion (+1%), the U.S. international trade deficit went up from $41.8 billion in July up to $48.3 billion in August. U.S. exports of industrial supplies and materials, fuel oil, crude oil and plastic materials decreased the most, while U.S. imports of consumer goods, cell phones, household goods, toys, games and sporting goods led the increase. The U.S. recorded trade surpluses with South and Central America and deficits with China, the European Union, Mexico, Japan, South Korea, Canada and India.
Christian Sivière, Import Export Logistics Solutions TM, Montréal
Christian.email@example.comAll Rights Reserved Octobre 2015
Sources : Statistics Canada, U.S. Department of Commerce