Analysis

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Imports reach their highest level since November 2008

Imports of automotive products rose 16.2% to $6.4 billion, entirely the result of higher volumes as prices fell slightly. Imports of trucks, up 35.8%, led the gain followed by imports of motor vehicle parts. Despite winter storms and part shortages that adversely impacted some manufacturers in January, imports of motor vehicle parts rose 13.9%. Imports of passenger cars also increased during the month.

Imports of energy products increased 13.8% to $4.2 billion, the highest level since October 2008. Although prices of energy products were up in January, the gain in the sector was largely the result of increases in volumes. Imports of crude petroleum grew 12.4%, a third consecutive monthly gain. Imports of petroleum and coal products increased, mostly as a result of higher imports of gasoline.

Imports of machinery and equipment increased 1.8% to $10.0 billion, as volumes rose. Volumes have been trending upwards since October 2009. Imports of aircraft, engines and parts were the main factor behind the gain in the sector. Imports of other communication and related equipment also increased during the month.

Imports of industrial goods and materials declined 0.8% to $7.6 billion, as prices fell 2.0%. Imports of metals and metal ores, at a record high in December, largely accounted for the decrease as imports of precious metals and metal in ores fell in January. Higher imports of chemicals and plastics moderated the decline in the sector.

Exports increase for a fourth consecutive month

Exports of automotive products rose 16.3% to $5.2 billion, the highest value since May 2010. The gain was a result of rising volumes. Exports of passenger autos, up 22.9%, largely accounted for the growth in this sector. Exports of motor vehicle parts increased as well in January, halting two consecutive months of decline.

Exports of industrial goods and materials increased 3.8% to $9.5 billion, largely a result of higher prices. This represented the sixth month of increases in prices. Exports of precious metals, led the growth followed by exports of other crude non-metallic minerals. These increases were moderated by a decline in exports of metal ores, more specifically copper ores, following a large gain in the previous month.

Exports of energy products rose 2.5% to $9.4 billion. Crude petroleum exports, up 5.8%, increased for a fourth consecutive month, albeit at a slower pace than in the previous three months. Exports of coal and other bituminous substances declined in January.

Exports of machinery and equipment fell 8.9% to $6.3 billion, with aircraft, engines and parts accounting for the bulk of the decline. Lower exports of industrial machinery, namely drilling, excavating and mining machinery also contributed to the decrease.

Exports of agricultural and fishing products decreased 7.2% to $3.2 billion, mostly reflecting lower volumes. Following a large gain in December, exports of wheat fell 15.4%, as volumes declined 21.0%. Wheat prices have been trending upward since April 2010.

Forestry products exports declined 7.4% to $1.9 billion. Exports of wood pulp and other wood products, which led the increase in the previous month, fell 12.2% in January. Exports of lumber and sawmill products declined 7.6%, halting four months of increases.