February 10, 2017
Statistics Canada announced that the country's merchandise trade balance with the world recorded its second consecutive monthly surplus, slightly down from $1.0 billion in November to $923 million in December.
According to the federal agency, Canada's exports were up 0.8% on the strength of higher energy product prices, while imports increased 1.0%, mainly on stronger imports of aircraft and industrial machinery.
Exports totaled a record $46.4 billion in December, as energy product exports rose 15.9% to $8.5 billion, the highest value since November 2014. Partially offsetting this increase were lower exports of motor vehicles and parts, down 5.2% to $7.4 billion in December. Following a 25.8% gain in November, exports of metal ores and non-metallic minerals decreased 12.6% to $1.4 billion in December.
Total imports climbed up to $45.5 billion as imports of aircraft and other transportation equipment and parts increased 21.8% to $1.5 billion in December. Industrial machinery, equipment and parts rose 6.4% to $4.3 billion, and imports of metal and non-metallic mineral products, up 6.3% to $3.9 billion on higher volumes, also contributed to the overall increase. Partially offsetting these gains were lower imports of energy products, down 11.9% to $2.2 billion.
Exports to countries other than the United States rose 2.6% in December to a record $12.3 billion, with exports to Switzerland (+$218 million) leading the gain, mainly on higher exports of aircraft, followed by Spain (+$126 million), mostly on increased exports of crude oil.
Exports to the United States edged up 0.2% to $34.2 billion in December, while imports from the United States increased 1.3% to $29.7 billion. Consequently, Canada's merchandise trade surplus with the United States narrowed from $4.7 billion in November to $4.4 billion in December.