CBJ.ca - The Canadian Business Journal: Canadian exports level climbs, while imports decline

Canadian exports level climbs, while imports decline
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CBJ - January 16 - Canada's merchandise exports have increased 3.2 per cent,
while imports have declined 0.8 per cent. As a result, Canada's trade balance
with the world went from a deficit of $487 million in October to a surplus of
$1.1 billion in November, according to figures by Statistics Canada.
Exports rose to $40.1 billion, as most sectors posted gains. Prices increased
1.7 per cent, led by energy products, while volumes rose 1.6 per cent, largely
the result of automotive products.
Imports declined to $39 billion, as both volumes and prices fell. The overall
decline in imports was attributable to lower imports of automotive products, as
well as industrial goods and materials. The decline was partially offset by an
increase in energy products.
Canada's trade surplus with the United States increased from $3.5 billion in
October to $4.6 billion in November. Exports to the United States rose 1.9 per
cent to $28.6 billion, on the strength of energy products. Imports from the
United States declined two per cent to $24 billion, largely the result of lower
imports of automotive products.
Exports to countries other than the United States rose 6.7 per cent to $11.5
billion, mainly the result of higher exports to the European Union. Imports from
countries other than the United States increased 1.3 per cent to $15 billion,
the fourth consecutive monthly gain. Canada's trade deficit with countries other
than the United States narrowed from $4 billion in October to $3.5 billion in
November.
Exports of energy products increased 6.4 per cent to $10 billion in November, as
prices increased 6.3 per cent. Exports of crude petroleum rose for the fourth
consecutive month to a record high of $6.4 billion. Strong gains were also
reported in petroleum and coal products, which rose 17.6 per cent, and coal and
other bituminous substances, up 28.5 per cent. Lower exports of natural gas
moderated the sector's increase.
Exports of industrial goods and materials rose four per cent to $10.2 billion in
November. Higher volumes of precious metals and alloys, as well as other crude
non-metallic minerals, drove the gain.