Growth in exports pushes balance of trade higher in January
Thursday, March 11, 2010 at 1:31PM Canada's trade surplus with the world moved up to $799 million in January, compared with a surplus of $75 million in December, Statistics Canada reported today. The increase is the result of a 0.5% growth in exports, to $33 billion, and a decline of 1.7% in imports. Though exports increased again for the fifth consecutive month, the pace of growth slowed in January as automotive products, and machinery and equipment exports declined. Automotive products exports fell 4.1% to $4.3 billion, and exports of passenger cars fell 8.9%. Lower exports of aircraft and other transportation equipment were the reason for the 1.5% decline in machinery and equipment exports.
Exports to the United States declined 0.6%, largely due to lower trade in automotive products. Canada's trade surplus with the US was $4.1 billion in January, virtually unchanged from the $4.2 billion in December.
Exports to countries other than the United States grew 3.8%, while imports from these countries also decreased, especially from the European Union. This lowered Canada's trade deficit with these countries to $3.3 billion in January, down from $4.1 billion in December.
Industrial goods and materials, along with metals and alloys (up 8.4%), chemicals, plastics and fertilizers, were the main contributors to the 4.8% gain in exports, to $7.3 billion.
Exports of consumer goods such as apparel, footwear, toys, and medicinal and pharmaceutical products increased 9.0% to $1.5 billion. This was the largest increase in this sector since December, 2008.
Imports were down in most categories, including machinery and equipment, office machines, aircraft, communications, consumer goods and energy products.
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