Canada Exports Bringing Canada To The World
April 2017 Export performance
Canada’s run of strong export growth was interrupted in February as merchandise exports declined by 2.4%. While declines in volatile subsectors magnified the decline, overall exports were soft. This pushed Canada’s trade balance with the world to a $972 million dollar deficit, the first after three months of surpluses.
On a sector basis, 8 of 11 major industries experienced export declines in February. The traditionally volatile aircraft and other transportation equipment sector experienced the largest decline of 15.2%. Farm, fishing and intermediate food products also fell by 10.6% in the month coming off an exceptionally strong month. The consumer goods sector also declined by 4.3% as sales of the fickle gold coins category exaggerated the down-swing.
Of the three sectors that saw growth, metal and non-metallic mineral product shipments rose 5.7 per cent in the month, and at the same time industrial machinery and equipment exports added 2.6 per cent. The motor vehicle and parts sector contributed 0.7 per cent growth, building on January’s upswing.
On a regional basis, exports to the United States declined by 1.2% in the February while lower exports of canola to China and coal to South Korea resulted in Canada’s exports to countries other than the US declining by 5.9% in the month.
