Canadian international merchandise trade

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March 2011 (Previous release)

Canada's merchandise exports and imports both rose in March, as most sectors recorded gains. Exports increased 3.5% and imports grew 2.8%. As a result, Canada's trade surplus increased from $356 million in February to $627 million in March.

Exports and imports

Note to readers

Merchandise trade is one component of Canada's international balance of payments, which also includes trade in services, investment income, current transfers as well as 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.

Data in this release are on a balance of payments basis, seasonally adjusted in current dollars. Constant dollars are calculated using the Laspeyres volume formula.

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 annually in June.

Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates produced for the energy sector 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 rose to $37.4 billion in March, as volumes, up 2.5%, increased in all sectors except agricultural and fishing products. At the same time, prices advanced 0.9%. Broad-based gains in the value of exports were led by energy products and industrial goods and materials.

Exports have generally been trending upwards since May 2009. Higher volumes have accounted for almost two-thirds of the growth during that period.

Imports increased to $36.7 billion, as volumes rose 3.2% while prices decreased 0.4%. Imports of automotive products, which largely accounted for the decline in February, were the main contributor to the gain in March. Increases were also recorded in imports of industrial goods and materials as well as machinery and equipment.

Overall, imports have been trending upwards since June 2009, as a result of higher volumes. Prices declined during that period.

Imports from the United States rose 3.2%, mostly a result of increases in imports of automotive products, while exports grew 1.9%, led by higher exports of crude petroleum. Consequently, Canada's trade surplus with the United States narrowed to $4.8 billion in March from $5.0 billion in February.

Exports to countries other than the United States rose 7.8% in March, largely reflecting higher exports to the European Union. During the same period, imports grew 2.1%. As a result, Canada's trade deficit with countries other than the United States declined from $4.7 billion in February to $4.2 billion in March.

Trade balance

Energy products lead the growth in exports

Exports of energy products rose 5.0% to $9.4 billion, as prices increased 2.9% and volumes grew 2.1%. This represented the fifth increase in volumes in six months. Exports of crude petroleum rose 5.7% and led the gain in the sector. Exports of petroleum and coal products, namely diesel fuel and light oils and preparations, also grew in March.

Exports of industrial goods and materials, trending upwards since May 2009, increased 3.7% to $9.6 billion in March. Higher exports of metal ores, such as nickel ores and iron ores, were the main factor behind the gain in the sector. Exports of chemicals, plastics and fertilizers also rose, mostly reflecting the growth in exports of organic chemicals. Exports of metals and alloys, in particular copper and nickel, recorded declines for a second consecutive month.

Following two months of decline, exports of machinery and equipment increased 4.8% to $6.5 billion in March. Exports of aircraft, other equipment and tools and industrial machinery largely accounted for the increase in this sector.

Forestry product exports rose 10.7% to $2.0 billion, as volumes increased 9.6%. Gains throughout the sector were led by higher exports of woodpulp and other wood products to China. Exports of newsprint paper also rose in March.

Exports of agricultural and fishing products fell 5.7% to $3.0 billion, thereby moderating the gain in overall exports. Exports of canola, after reaching a record high in February, fell 39.6% and were the main contributor to the decline in March.

Volumes of automotive products account for most of the gain in imports

Following a decline of 11.5%, imports of automotive products rose 6.5% to $6.1 billion in March, as volumes increased 7.1%. Imports of trucks, up 17.0%, accounted for over half the growth in this sector, reflecting the demand for full size pick ups. Imports of passenger autos and motor vehicle parts increased during the month.

Imports of industrial goods and materials, on an upward trend since August 2009, increased 2.9% to $7.8 billion. Metals and metal ores reached a record high in March, led by a 30.4% increase in imports of precious metals. Metals in ores, namely nickel ores, also rose during the month while imports of organic chemicals fell for a second consecutive month.

Imports of machinery and equipment increased 1.5% to $10.0 billion, led by a 16.5% gain in imports of aircraft, engines and parts. Growth was also recorded in imports of other industrial machinery, which includes items such as construction and maintenance machinery, hoisting machinery as well as compressors.

Energy products imports increased 3.7% to $4.0 billion, a sixth consecutive month of increase. The gain resulted from a 7.0% increase in prices. Imports of crude petroleum rose 10.0% to $2.4 billion, the highest level since October 2008.

Imports of agricultural and fishing products increased 3.4% to a record high of $2.7 billion, as volumes rose 5.6%. Imports of sugar and sugar preparations grew to unprecedented levels and largely accounted for the gain in this sector.

Imports of other consumer goods fell 2.8% to $4.6 billion, a fifth consecutive monthly decline. Widespread declines were led by lower imports of apparel and footwear.

Available on CANSIM: tables 228-0001 to 228-0003, 228-0033, 228-0034, 228-0041 to 228-0043 and 228-0047 to 228-0057.

The merchandise imports and exports data in the following tables are presented in dollar values.

Tables 228-0001 to 228-0003: Customs and balance of payments basis, by major groups and principal trading areas for all countries; monthly, quarterly, and annual.

Table 228-0033: Imports, customs-based, by province of clearance, monthly.

Table 228-0034: Domestic exports, customs-based, by province of origin, monthly.

Tables 228-0041 to 228-0043: Customs and balance of payments basis, by sector and sub-sector, for all countries; monthly, quarterly, and annual.

The merchandise imports and exports data in the following tables are indexes (2002=100).

Tables 228-0047 to 228-0049: Balance of payments and customs-based price and volume indexes for all countries; monthly, quarterly, and annual.

Tables 228-0050 to 228-0052: Customs-based price indexes, Canada and United States trade, and Standard International Trade Classification (SITC revision 3) price indexes for all countries and United States; monthly, quarterly, and annual.

Tables 228-0053 to 228-0055: Price and volume indexes customs and balance of payments basis, by sector and sub-sector, for all countries; monthly, quarterly, and annual.

Tables 228-0056 and 228-0057: Balance of payments basis, by sector, seasonally adjusted, Fisher formula, chained 2002 dollars, for all countries; monthly and quarterly.

Definitions, data sources and methods: survey numbers, including related surveys, 2201, 2202 and 2203.

These data are available in the Canadian international merchandise trade database.

The March 2011 issue of Canadian International Merchandise Trade, Vol. 65, no. 3 (65-001-X, free), is now available from the Key resource module of our website under Publications.

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-X, free).

Data on Canadian International Merchandise Trade for April will be released on June 9.

For further information regarding Canada's international merchandise trade data, contact Statistics Canada's National Contact Centre (613-951-8116; toll-free 1-800-263-1136; infostats@statcan.gc.ca). To enquire about the concepts, methods or data quality of this release, contact Mychèle Gagnon (613-951-0994), International Trade Division.