The latest figures from Statistics Canada show that Canadian exports to Belgium, which amounted to $265 million in April and to $266 million in May, went down to $142 million in June. Canadian imports from Belgium on the other hand, which amounted to $184 million in April and $217 million in May, went down as well to $165 million in June. Our bilateral trade has its peaks and valleys and it will be interesting to see its evolution in the months ahead.
Overall, Canada’s merchandise exports rose 1.1% in June while imports declined 1.8%, bringing Canada’s trade surplus with the world from $576 million up to $1.9 billion. Exports increased to a record high $45.2 billion, led by metal and non-metallic mineral products (+9.7%), consumer goods (+8.3%) and energy products (+2.5%) while exports of motor vehicles and parts fell 6.3%, after recording four consecutive monthly gains. Imports decreased to $43.3 billion, with declines recorded in most sections: imports of metal ores and non-metallic minerals fell 25.3%, electronic and electrical equipment declined 4.5%, motor vehicles and parts decreased 2.5% and consumer goods 2.2%.
Geographically, exports to the United States were unchanged at $34.1 billion, while imports were up 1.5% to a record $29.1 billion, resulting in a smaller trade surplus with the United States, from $5.4 billion in May to $5 billion in June.
Exports to countries other than the United States grew 4.8% to $11.1 billion, led by exports to the European Union (+12.1%). Imports from these countries fell 7.8% to $14.3 billion, declines being recorded for the principal trading area “all other countries” (-8.3%) and the European Union (-10.8%). Consequently, our trade deficit with these countries narrowed from $4.9 billion in May to $3.1 billion in June.
South of the border meantime, the United States international trade deficit in goods and services decreased from $44.7 billion in May to $41.5 billion in June, as their exports increased while their imports decreased. The U.S. deficit with the European Union decreased thanks to exports of civilian aircraft and parts, while imports of passenger cars and petroleum products were down. The US deficit with Mexico went up though, as U.S. exports of petroleum products and automotive parts were weak.
Christian Sivière Christian.email@example.com All Rights Reserved August 2014
Source: Statistics Canada, U.S. Census Bureau