Analysis

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Passenger autos lead the growth in exports

Automotive products exports rose 20.8% to $5.4 billion, as volumes grew 16.9%. Exports in this sector trended downward from December 2006 to a low of $2.6 billion reached in January 2009. Since then, exports of automotive products have more than doubled. In May, exports of passenger autos increased 28.1% to $3.7 billion, their highest level since December 2006. This gain reflected the popularity of some models manufactured in Canada. Exports of motor vehicle parts, up 9.6%, increased for a seventh consecutive month.

Exports of machinery and equipment grew 4.6% to $6.3 billion, as a result of a 4.8% increase in prices while volumes declined slightly. Exports of other end products, namely gold coins, increased 25.2% and were the main factor behind the increase in the sector. Exports of industrial machinery such as drilling, excavating and mining machinery also grew in May. Mitigating the gain in the sector were lower exports of aircraft, engines and parts.

Exports of agricultural and fishing products increased 6.0% to $3.0 billion. Higher exports of meat and meat preparations, wheat, as well as other food, feed, beverages and tobacco were the main contributors to the gain. Prices of agricultural and fishing products, which had been declining since October 2008, grew 3.4% in May.

Following three months of declines, exports of energy products increased 1.6% to $7.7 billion, as volumes rose 8.1% while prices fell. Exports of natural gas grew 21.3%, followed by exports of petroleum and coal, up 13.4%. Moderating the gain in the sector, exports of crude petroleum fell 8.5%, a third consecutive month of decline.

Widespread increases in volumes drive the gain in imports

Machinery and equipment imports grew 6.6% to $9.4 billion. This fourth consecutive month of increase was largely the result of volumes increasing 5.3%. Widespread gains in the sector were led by office machines and equipment, other equipment and tools as well as other industrial machinery.

Imports of office machines and equipment increased 19.8% as new electronic products became available in May. Imports of other equipment and tools grew 6.8%, reflecting gains in a wide variety of commodities such as laboratory equipment, furniture and fixtures and electrical transformers.

Imports of industrial goods and materials rose 6.8% to $7.3 billion, as prices increased 5.4%. Over three-quarters of the gain in the sector were attributable to higher imports of metals in ores, precious metals and metal fabricated products. Imports of metals in ores grew 34.2% while precious metals increased 17.3% on the strength of gold.

Following two months of declines, imports of other consumer goods grew 9.3% to $4.8 billion, as volumes rose 5.2%. Imports of miscellaneous end products, such as medicinal and pharmaceutical products, accounted for most of the gain.

Imports of automotive products increased 4.8% to $5.9 billion. The gain in the sector reflected a 3.1% increase in volumes. Imports of motor vehicle parts, up 7.7%, accounted for more than two-thirds of the gain in the sector.