Canada. Exports up

Canada's merchandise exports grew 0.5% in January, a slower pace than in the previous four months, while imports declined 1.7%. As a result, Canada posted a trade surplus with the world of $799 million in January compared with a surplus of $75 million in December.

Exports increased to $33.0 billion from $32.9 billion in December, as prices increased 0.8% while volumes fell 0.3%.

Although exports have been increasing for five consecutive months, the pace of growth slowed in January as declines in automotive products and machinery and equipment nearly offset gains in industrial goods and materials, and other consumer goods.

Following two months of increases, imports declined to $32.2 billion from $32.8 billion in December as a result of a 1.2% decline in volumes and a 0.6% decrease in prices. Machinery and equipment, other consumer goods and energy products led the downward movement in overall imports.

Exports to the United States decreased 0.6% and imports declined 0.5%, largely as a result of lower trade of automotive products, which led the growth in December. As a result, Canada's trade surplus with the United States was $4.1 billion in January, almost unchanged from $4.2 billion in December.

Exports to countries other than the United States grew 3.8%. Exports to member countries of the Organisation for Economic Cooperation and Development and to Japan were the main factors behind the gain. In contrast, imports from countries other than the United States decreased 3.9%, led by falling imports from the European Union. Consequently, Canada's trade deficit with these countries narrowed to $3.3 billion in January from $4.1 billion in December.

Modest growth in exports

Exports of industrial goods and materials increased 4.8% to $7.3 billion, halting two consecutive months of decline. Higher export volumes of metals and alloys followed by chemicals, plastics and fertilizers were the main contributors to the gain.

Metals and alloys grew 8.4% on the strength of precious metals, primarily gold, as well as aluminum and alloys. Also contributing to the growth, chemicals, plastics and fertilizers increased 8.9% largely due to higher exports of fertilizers, and synthetic rubber and plastics. In contrast, exports of metal ores, particularly iron ores and copper ores, declined 17.9% as volumes fell 25.6%.

Exports of other consumer goods increased 9.0% to $1.5 billion, partially offsetting the decline posted in December. This sector includes items such as apparel, footwear, toys, medicinal and pharmaceutical products. The January increase was the largest percentage gain in this sector since December 2008.

Automotive products exports fell 4.1% to $4.3 billion as volumes declined 4.0%. Exports of passenger autos were down 8.9% as some auto manufacturers extended plant shutdowns well into January. Exports of motor vehicle parts, up 6.9%, moderated the decrease.

Machinery and equipment exports fell 1.5% to $6.1 billion, as a result of lower exports of aircraft and other transportation equipment. Excluding aircraft and other transportation equipment, exports of machinery and equipment would have grown 1.5%. In contrast, exports of telecommunication equipment increased after declining for two consecutive months.

Widespread declines in imports

Imports of machinery and equipment decreased 2.4% to $8.4 billion. Office machines, down 6.3%, led the decline followed by aircraft, excavating machinery and other industrial machinery. Meanwhile, other communication and related equipment increased 4.1%, mitigating the drop in the sector. The sector has posted declines in five out of the previous six months.

Other consumer goods imports fell 4.0% to $4.7 billion largely as a result of a 3.4% decline in volumes. Widespread decreases throughout the sector were led by miscellaneous end products, such as medicinal and pharmaceutical products.

Following three months of growth, imports of energy products decreased 5.6% to $3.3 billion. The decline was the result of volumes falling 4.9%. Imports of crude petroleum were down 16.2% as volumes fell 21.2%, following a strong gain in December. Prices of crude petroleum, on an upward trend since January 2009, increased 6.2%. Meanwhile, imports of other energy products grew 17.8%, reflecting higher volumes of natural gas.

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