Analysis

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Widespread declines in imports

Following a solid gain in October, imports of energy products fell 15.2% to $3.1 billion in November. Lower imports of petroleum and coal products, such as motor gasoline, were the main factor behind the decrease. Imports of crude petroleum, down 11.7%, were at their lowest level since May 2009.

After nine consecutive months of growth, imports of machinery and equipment declined 5.1% to $9.6 billion, with volumes falling 3.3%. Other transportation equipment decreased in November, reflecting lower imports of ships and boats. This followed a strong gain in the previous month as new tariff relief measures on ships and boats came in effect in October. Imports of engines, turbines and motors, more specifically wind turbines, dropped 26.0%.

Automotive products imports decreased 4.4% to $5.3 billion, mainly due to lower volumes. Imports of trucks and other motor vehicles fell 11.5%, as a result of declining imports of full size pick-up trucks. Imports of motor vehicle parts declined 6.3%, due to some plant shutdowns, in preparation for 2011 model changeovers.

Imports of industrial goods and materials increased 2.3% to $7.6 billion, as prices rose 3.3%. Imports of precious metals, namely silver, climbed 24.3% to $1.3 billion, a record high. Other chemicals and related products which include inorganic chemicals and fertilizers also contributed to the gain in the sector. Imports of metals in ores fell during the month.

Precious metals lead the gain in exports

Exports of industrial goods and materials rose 6.6% to $9.5 billion, as prices and volumes increased. Metals and alloys increased 21.7% to $4.2 billion, led by exports of precious metals. In contrast, metal ores declined 17.7% to $1.3 billion. Record high exports of iron ores were not sufficient to overcome the large declines in exports of nickel ores and copper ores.

Energy products exports increased 3.2% to $6.9 billion, as prices were up 3.6%. Exports of crude petroleum rose 12.5%, largely accounting for the increase in the sector. Exports of natural gas, down 17.1%, decreased for a fourth consecutive month.

Other consumer goods exports grew 11.5% to $1.3 billion, largely on the strength of medicinal and pharmaceutical products.

Exports of automotive products, trending downward since May 2010, fell 10.4% to $4.4 billion. The decrease was the result of a 10.0% decline in volumes. Passenger autos, down 13.0%, accounted for over three-quarters of the drop in the sector. Exports of motor vehicle parts as well as trucks and other motor vehicles decreased in November.

Exports of machinery and equipment decreased 2.4% to $6.4 billion, as volumes fell. Widespread declines in the sector were led by lower exports of industrial machinery. A gain in exports of aircrafts, engines and parts moderated the overall decrease.