Analysis

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Precious metals lead the decline in exports

After three months of increases, exports of industrial goods and materials declined 3.0% to $8.1 billion. Precious metals, which accounted for the growth in the sector in March, fell 27.4% in April. Fertilizers and fertilizer materials declined 13.7%, largely due to lower exports of potash. Higher exports of other crude animal products, namely mink fur, followed by nickel ores moderated the decline in the sector.

Exports of energy products decreased 2.6% to $7.7 billion, as volumes fell 3.4%. This represented a fourth consecutive monthly decline in volumes. Exports of natural gas fell 20.9% reflecting lower prices and volumes. The demand for natural gas decreased as a result of the mild weather and high inventory levels. Exports of crude petroleum declined 3.1% while exports of other energy products, led by petroleum and coal products, grew in April.

Agricultural and fishing products exports decreased 5.7% to $2.8 billion, ending six consecutive months of increases. The decline was mostly due to a 3.9% decrease in volumes. Prices of agricultural products, on a downward trend since October 2008, declined 1.9% in April. Exports of other food, feed, beverages and tobacco, namely vegetables and vegetable products, declined 5.5%. Exports of wheat fell 12.0%.

In contrast, exports of machinery and equipment grew 4.6% to $6.0 billion as volumes rose 5.6%. Widespread gains in the sector were led by higher exports of aircrafts and other transportation equipment which accounted for over half the growth in the sector.

Industrial goods and materials largely account for the decrease in imports

Imports of industrial goods and materials fell 8.8% to $6.7 billion in April, following a gain of 11.6% in March. Import volumes decreased 5.4% while prices declined 3.6%. Metals and metal ores as well as chemicals and plastics, which led the gain in the previous month, were the main contributors to the decline in the sector.

Precious metals, after reaching record highs in March, fell 30.8% and were the main factor behind the 13.3% decrease in imports of metals and metal ores. Imports of chemicals and plastics declined 10.0% mainly due to lower imports of organic chemicals notably active pharmaceutical ingredients.

Imports of other consumer goods fell 6.0% to $4.3 billion, the lowest level since July 2006. Miscellaneous end products led the decrease, reflecting lower imports of medicinal and pharmaceutical products as well as medical, ophthalmic and orthodontic supplies.

After two months of growth, imports of machinery and equipment decreased 1.2% to $8.6 billion, as prices fell 1.7%. Although decreases were widespread throughout the sector, the decline was mostly the result of a 26.9% drop in imports of engines, turbines and motors.