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Canadian international merchandise trade
Canada's trade surplus with the world decreased for the first time in four months, declining to $5.1 billion in April from a revised $5.7 billion in March, as the growth in imports outpaced the growth in exports.
Exports to the United States increased for the fourth month in a row, reaching $30.6 billion, their highest level since April 2007. Meanwhile, imports from the United States grew at a faster pace, thus reducing the trade surplus with Canada's largest trading partner to $8.2 billion.
Exports to countries other than the United States declined for the first time in four months, while imports grew. Consequently, the trade deficit with all of these countries as a whole expanded to $3.1 billion.
Exports rise for the fourth consecutive month
Canada's exports grew for the fourth consecutive month, increasing 0.8% to $39.9 billion in April. This growth coincided with rising energy prices.
Energy products increased 2.5% on the strength of crude petroleum and natural gas. Crude petroleum increased as a result of a combination of rising prices and volume, continuing an upward trend that began in June 2007. Meanwhile, exports of natural gas increased for the fifth consecutive month, reaching their highest level since December 2005, as prices rose and volume fell.
Exports of forestry products increased 5.4% in April. Much of the gain can be attributed to higher exports of wood pulp to China, as well as newsprint to the United Kingdom and Colombia. However, forestry products have been trending downwards since May 2004.
Labour disruptions in the United States affected exports of automotive products for the second month in a row. They decreased by 0.6% in April. This sector has been declining since December 2006.
Note to readersMerchandise trade is one component of the current account of Canada's balance of payments, which also includes trade in services, investment income, transfers, capital and financial flows. International merchandise trade data by country are available on both a balance of payments and a customs basis for the United States, Japan and the United Kingdom. Trade data for all other individual countries are available on a customs basis only. Balance of payments data are derived from customs data by making adjustments for characteristics such as valuation, coverage, timing and residency. These adjustments are made to conform to the concepts and definitions of the Canadian System of National Accounts. Constant dollars referred to in the text are calculated using the Paasche Price indexes. Revisions In general, merchandise trade data are revised on an ongoing basis for each month of the current year. Current year revisions are reflected in both the customs and balance of payments based data. Revisions to customs based data for the previous year are released on a quarterly basis. Revisions to balance of payments based data for the three previous years are released today. Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates with actual figures, changes in classification of merchandise based on more current information, and changes to seasonal adjustment factors. Revised data are available in the appropriate CANSIM tables. |
Exports of motor vehicle parts and trucks have been the hardest hit by the labour disruption in the United States, which resulted in cut backs in truck production as well as demand for parts. In contrast, exports of passenger autos have increased for three consecutive months.
Energy products push up imports
Primarily due to gains in energy products and automotive products, imports increased 2.6% to $34.8 billion in April, following two monthly declines. The rise was a result of increasing prices and volume. Imports have remained relatively stable for eight straight months. In fact, the April import value is equivalent to the September 2007 level.
Energy products increased 19.0%, with volume growing nearly three times faster than price. Imports of energy products have been subject to volatile movements since late 2005. Crude petroleum imports recorded the largest monthly rise since March 2007, mainly due to a volume increase. Petroleum and coal products also rose, as a result of increased imports of gasoline which reflected slowdowns at Canadian refineries for maintenance.
Partially reversing the decline in March, automotive products imports increased 4.7% to $5.9 billion. This sector has been trending downwards since peaking in March 2007. Passenger autos, motor vehicle parts, and trucks all posted increases. Nevertheless, the labour dispute in the United States restrained the level of imports.
The largest offsetting decrease was observed in industrial goods and materials, which declined 1.4%. A decline in organic chemicals, as a result of lower imports of active agents used in pharmaceutical products, as well as decreased imports of copper alloys from Chile, contributed to the drop in imports.
Available on CANSIM: tables 228-0001 to 228-0003, 228-0033, 228-0034, 228-0041 to 228-0043 and 228-0047 to 228-0055.
Definitions, data sources and methods: survey numbers, including related surveys, 2201, 2202 and 2203.
The April 2008 issue of Canadian International Merchandise Trade, Vol. 62, no. 4 (65-001-XIB, free), is now available from the Publications module of our website. The publication includes tables by commodity and country on a customs basis. Current account data (which incorporate merchandise trade statistics, service transactions, investment income and transfers) are available quarterly in Canada's Balance of International Payments (67-001-XWE, free).
For more information on products and services, contact Sharon Nevins (toll-free 1-800-294-5583; 613-951-9798). To enquire about the concepts, methods or data quality of this release, contact Anne Couillard (613-951-6867), International Trade Division.
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