Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $423 million in May and decreased to $114 million in June, decreased again to $93 million in July. Canadian imports from Belgium on the other hand, amounting to $168 million in May and up to $235 million in June, were up again in July, though slightly to $236 million. As we can see from this, our bilateral trade fluctuates a lot and it will be interesting to see how it will evolve in the months ahead.
Overall, Canadian exports rose 2.3% in July while imports were up only 1.7%, reducing Canada’s merchandise trade deficit with the world from $811 million in June to $593 million in July. Total Canadian exports rose to $45.5 billion, just below the previous record of $45.6 billion of July 2014, with motor vehicles and parts (+9.9%), consumer goods (+7.3%) and aircraft and other transportation equipment and parts (+19.2%) leading the gain. These increases were partially offset by a decrease in exports of energy products (-5.7%). Total Canadian imports grew to $46.1 billion. Higher imports of energy products (+12.8%), aircraft and other transportation equipment and parts (+2.9%), as well as electronic and electrical equipment and parts (+4.4%) were partially offset by a decline in imports of metal and non-metallic mineral products (-9.6%).
Geographically, Canadian exports to the United States increased 2.1% to $34.7 billion, while imports from the United States rose 4.3% to $30.9 billion. Canada’s trade surplus with the United States therefore narrowed from $4.4 billion in June to $3.8 billion in July. Exports to other countries were up 2.9% to $10.7 billion, led by an 11.7% increase in exports to China. Imports from other countries decreased 3.1% to $15.1 billion, with imports from the U. K. down 40.2%. This brought Canada’s trade deficit with countries other than the United States from $5.2 billion down to $4.4 billion.
South of the border, figures from the Census Bureau show that the U.S. goods and services deficit was down 7.8% in July, at $41.9 billion. U.S. exports stood at $188.5 billion, 0.5% higher than June’s, while imports were at $230.4 billion, down about 1% from June. Automotive vehicles and parts and industrial supplies and materials led the increase in exports with consumer goods leading the decrease in imports. In July, the U.S. recorded trade surpluses with South and Central America and trade deficits with China, the European Union, Japan, Mexico, South Korea and as we know, with Canada.
Christian Sivière, Import Export Logistics Solutions TM, Montréal christian.siviere@videotron.ca All Rights Reserved September 2015
Sources : Statistics Canada, U.S. Census Bureau
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