Canada. Merchandise Exports Down

Canada's merchandise exports fell 5.1% to $30.8 billion in April, mostly due to a 3.2% reduction in prices while volumes decreased 1.9%.

Lower exports of industrial goods and materials, energy products, and machinery and equipment largely accounted for the decrease in overall exports. Gains in agricultural and fishing products, and automotive products partially offset the decline.

Imports decreased 1.5% to $31.0 billion, mainly a result of declines in industrial goods and materials as well as machinery and equipment. Import prices were down 1.8% while volumes edged up 0.3%.

Exports and imports have generally been trending downwards since the peak of July 2008. Exports have fallen $13.6 billion or 30.6% since July 2008, with more than 80% of the decline occurring from November 2008 to January 2009. In comparison, imports have declined $8.5 billion or 21.6% since July 2008, with almost 70% of the decrease occurring in December 2008 and January 2009.

In April, Canada posted a small trade deficit with the world of $179 million following a surplus of $1.0 billion in March.

Canada's trade surplus with the United States shrank from $3.5 billion in March to $2.8 billion in April, as exports (-4.4%) and imports (-1.7%) both declined. Since July 2008, exports to the United States have accounted for 88% of the decrease in Canada's exports to the world. Accordingly, the United States share of Canada's exports was 72.3% in April 2009, down from 77.0% in July 2008.

The trade deficit with countries other than the United States widened from $2.4 billion in March to $3.0 billion in April, as exports fell 6.9% and imports were down 1.0%. After a solid gain in March, exports to the European Union fell 16.6% and led the decrease in exports to countries other than the United States.

Most export sectors decline

Exports of industrial goods and materials fell 9.7% to $6.3 billion, the lowest level since March 2004, mainly the result of volume reductions. Lower exports of precious metals, notably gold, and fertilizers were the main contributors to the decline in this sector. Exports of steel and aluminum products also declined in April, as a result of weak global demand for these products.

Exports of energy products contracted 8.7% to $6.1 billion as prices and volumes declined. Exports of natural gas decreased 14.9% due to lower industrial demand and high inventory levels in North America. Natural gas exports have been on a downward trend since July 2008. Crude petroleum exports declined 4.8% to $3.1 billion, while petroleum and coal products decreased 12.0% to $1.0 billion.

Machinery and equipment exports were down 7.0% to $7.1 billion, as volume reductions dominated the decrease in exports across most categories in this sector.

Exports of agricultural and fishing products rose 5.1%, moderating the overall decline in exports. Higher exports of canola and wheat largely accounted for the gains.

Industrial goods and materials drag imports down

Imports of industrial goods and materials declined 8.4% to $6.1 billion, the lowest level since April 2004. Metals and metal ores, which led the decline, registered a fourth consecutive decrease. The slowdown in the automotive industry and in drilling activities has reduced the demand for iron and steel products. Lower imports of chemicals and plastics also contributed to the decline. A combination of lower prices and volumes accounted for the decrease in imports of industrial goods and materials.

Machinery and equipment imports decreased 3.3% to $9.3 billion, as a result of widespread declines reflecting lower prices. This sector has been trending downward since November 2008, with the sharpest declines in December 2008 and January 2009.

Imports of energy products rose 11.9%, partially offsetting the decline in overall imports, as prices and volumes increased in April. Crude petroleum imports, which had been generally trending downwards since July 2008, increased 24.0% to $1.7 billion in April.

Source:Statistics Canada, June 10, 2009

~	Conference, Oct. 16, 2024. The War Against the Past: Fighting for our History

~	SLAV - Robert Lepage's Reaction

~	Author and Tolerance.ca Editor, Victor Teboul, Ph.D., to speak at the Arab World Festival of Montreal

~	Iran : Hey Ayatollah, Leave those kids alone! and Pink Floyd's remake

~	UN-backed group supports Somali Government’s peace overtures to rivals

~	Cargo vessel captured near Seychelles is commandeered to Somalia

~	U.S. and Oman Navy Rescue Indian Dhow from Somali Pirates - One Sailor Dead

~	Canada. 50% of tax filers participate in a private retirement savings plan

~	Somali Pirates capture second merchant vessel in 24h

~	Canada. 41% of adults have a high cholesterol level