Analysis

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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 of the past 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 during the month.

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. Exports of aircraft, other equipment and tools and industrial machinery largely accounted for the increase in this sector.

Forestry products 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 during the month.

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.

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, 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 grew 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.