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Energy products and industrial goods continue to lead the downturn in exports
Exports of energy products dropped 19.4% to $6.8 billion. This reflected slumping exports of crude petroleum which continued to plummet, falling a further 29.1% to $2.8 billion, the lowest level since March 2006. The decrease in crude petroleum was mostly due to a 25.0% drop in prices.
Exports of industrial goods and materials fell 17.1% to $7.4 billion largely due to a drop in volume. The sector has been on a downward trend since July 2008. Fertilizer exports dropped 36.8%, erasing two consecutive months of increases. In addition, exports of aluminium alloys decreased 26.7% in December as demand from the automotive sector has waned with cut-backs in production.
Agricultural and fishing products exports dropped 7.0% to $3.4 billion in December. The sector has been trending upward since June 2006. Decreases in exports of wheat, meat and meat preparations, and canola mostly accounted for the sector's decrease following two monthly gains.
Broad-based contraction in imports
After three consecutive monthly increases, imports of machinery and equipment fell 5.7% to $10.6 billion, leading the decline in imports for December. This decrease was due to a combination of rising price and falling volume. Aircraft imports rose 26.7%, softening the sector's overall drop.
Imports of automotive products declined for the third consecutive month, dropping 9.8% to $5.2 billion as the industry continued to struggle with decreased sales. The latest decline is the result of a 10.6% fall in volume overshadowing a small rise in price. The main contributor was motor vehicle parts which lost 17.0% as manufacturers continued to scale back production. Imports of passenger autos, on a downward trend since July, fell 6.8% to $1.8 billion.
Imports of industrial goods and materials fell 5.8% to $7.4 billion. This was the lowest level since April 2008 reflecting the decline in both price and volume. Leading the decrease was imports of chemicals and plastics which dropped 11.9% as a result of lower motor vehicle production and construction activity. Mitigating the drop, iron and steel products rose 19.8% largely due to increased imports of drilling pipes.
