Analysis

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Energy products lead the decline in imports

Energy products dropped 18.4% to $2.3 billion, the lowest level since October 2004. Imports of other energy products, down 33.2%, led the decline while imports of crude petroleum decreased 2.1%. The volume of energy products declined 16.2% in March while prices decreased 2.7%.

Imports of machinery and equipment declined 4.5% to $9.6 billion in March, following 4.0% increase in February. Aircraft and other transportation equipment as well as industrial and agricultural machinery accounted for almost three-quarters of the decline in imports.

Industrial goods and materials imports were down 4.5% to $6.6 billion mainly due to volume reduction. Although the declines were broad based, a decline in imports of pipes and tubes for drilling was the main contributor. Volumes have generally been declining in this sector since August 2008.

General decline in exports

Machinery and equipment and automotive products accounted for almost two-thirds of the decline in exports in March followed by energy products.

Machinery and equipment exports decreased 3.4% to $7.7 billion as volumes declined, largely due to lower exports of aircraft and telecommunication equipment. Other transportation equipment moderated the sector’s decline on the strength of locomotive exports.

Automotive product exports, trending downward since December 2006, fell 3.3% to $3.4 billion due to decreases in exports of trucks and motor vehicle parts. Exports of passenger autos increased for the second month in a row following January’s plant shutdowns. Overall, the decline in automotive products was mainly due to volume reduction.

Exports of energy products contracted 1.4% to $6.5 billion in March due to a decline in volumes as prices increased for the first time since July 2008.

Lower exports of petroleum and coal products and natural gas were responsible for the weakness in this sector which has been on a downward trend since July 2008.