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Energy products and automotive products lead the decline in exports
All export sectors declined with the largest movements observed in energy products and automotive products.
Energy products fell 10.6% to $5.4 billion mainly due to a combination of volume and price reductions, with volumes being the dominant factor. Lower exports of natural gas and crude petroleum were largely responsible for the decline as global demand for these products remained weak.
Exports of automotive products dropped 12.4% to $3.0 billion, largely the result of volume reductions. Exports of trucks declined 33.0% as the production of some large pick-up trucks was halted in May. Exports of passenger autos and motor vehicle parts decreased 7.6% and 11.2% respectively, as a result of restructuring in the North American automotive industry.
The agricultural and fishing sector declined 8.7% to $3.2 billion, mostly due to reduced volumes. Canola and wheat which had driven the increase in April accounted for most of the decline in May.
Exports of industrial goods and materials decreased 4.9% to $6.0 billion, the third consecutive decline. Although the decreases were generalized, lower exports of precious metals accounted for more than half of the decline in this sector.
Imports down across the board
All imports sectors declined, led by the automotive products, energy products, and machinery and equipment sectors.
The modest gains observed in automotive products from January to April were completely erased by the drop in imports in May as the restructuring of the automotive industry continued. Imports of automotive products fell 7.3% to $3.8 billion, the lowest level since March 1996. Lower imports of motor vehicle parts were the main contributor to the decrease, falling 10.6%. Passenger autos and trucks also declined.
Imports of energy products fell 10.7% to $2.3 billion due to a combination of volume and price decreases. This decline was entirely the result of a 21.7% decrease in crude petroleum volume.
Imports of machinery and equipment slid by 2.7% to $9.0 billion, as prices declined and volumes rose. Lower imports of aircraft accounted for more than three-quarters of the decline in this sector. Imports of engines, turbines and motors, up 54.6%, mitigated the decrease.
