Statistics Canada’s latest data shows that Canadian exports to Belgium, which amounted to $207 million in February and increased to $281 million in March, decreased to $127 million in April. Canadian imports from Belgium on the other hand, amounting to $135 million in February and to $126 million in March, were back up to $132 million in April. As we can see, our bilateral trade fluctuates and it will be interesting to see its evolution in the coming months.
Overall, Canada’s exports declined 0.6% in May while imports were up 0.2%, bringing the Canadian trade deficit with the world from $3 billion in April to $3.3 billion in May. Exports declined to $42 billion, the fifth consecutive monthly decrease, with declines in metal and non-metallic mineral products (-5.8%) and metal ores and non-metallic minerals (-9.2%) partly offset by gains in aircraft and other transportation equipment (+10.3%) as well as motor vehicles and parts (+2.7%). Imports edged up to $45.3 billion, as 7 of 11 sections increased, with consumer goods up 2.3%, metal and non-metallic mineral products up 5%, while imports of aircraft and other transportation equipment declined 12.4% and industrial machinery and equipment 5%.
As to the breakdown by region, exports to the United States declined only 0.3% but exports to other countries fell 1.6%, the United Kingdom and China decreasing the most. Imports from the United States increased 0.5% while imports from elsewhere were down 0.2%, led by Japan and Italy, while imports from the United Kingdom and Norway were up. As a result, Canada’s trade surplus with the United States narrowed from $2.3 billion to $2.1 billion while the Canadian trade deficit with other countries widened from $5.3 billion to $5.5 billion.
South of the border meantime, the U.S. international trade deficit increased from $40.7 billion in April to $41.9 billion in May, as exports decreased 0.8% while imports remained stable. Capital goods led the decrease in U.S. exports, particularly civilian aircrafts and industrial machines. The U.S. deficit with China and Mexico was up but the deficit with the European Union was down.
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Sources : Statistics Canada, U.S. Census Bureau