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Canada's merchandise exports declined 2.3% and imports edged down 0.6%. As a result, Canada's trade surplus narrowed from $2.9 billion in December 2011 to $2.1 billion in January 2012. This was the third consecutive monthly trade surplus.
Exports decreased to $41.4 billion in January, as prices fell 2.2%. Lower exports of precious metals and alloys as well as aircraft, engines and parts largely contributed to the decline in value. Higher exports of crude petroleum partially offset the decrease in exports.
Imports decreased to $39.3 billion in January, as six out of seven sectors posted declines. Industrial goods and materials followed by energy products contributed the most to the decrease. Overall, import prices fell 0.8%.
Exports to the United States edged up 0.3% to $30.6 billion in January, largely on the strength of crude petroleum. Imports from the United States declined 0.3% to $24.5 billion. Consequently, Canada's trade surplus with the United States increased from $5.9 billion in December to $6.1 billion in January.
Exports to countries other than the United States fell 9.0% to $10.8 billion in January, mainly the result of lower exports to the European Union and Japan. Imports from countries other than the United States decreased 0.9% to $14.8 billion. Canada's trade deficit with countries other than the United States increased from $3.0 billion in December to $4.0 billion in January.
Note to readers
Merchandise trade is one component of Canada's international balance of payments (BOP), which also includes trade in services, investment income, current transfers as well as capital and financial flows.
International merchandise trade data by country are available on both a BOP and a customs basis for the United States, Japan and the United Kingdom. Trade data for all other individual countries are available on a customs basis only. BOP data are derived from customs data by making adjustments for factors such as valuation, coverage, timing and residency. These adjustments are made to conform to the concepts and definitions of the Canadian System of National Accounts.
Data in this release are on a BOP basis, seasonally adjusted and in current dollars. Constant dollars are calculated using the Laspeyres volume formula.
Changes to the classification
Statistics Canada has reduced the number of 10-digit Harmonized Commodity Coding and Description System (HS) classification codes that are used to report the commodity detail in Canada's merchandise import trade data. This will improve efficiency, maintain data quality and reduce response burden.
These changes are in effect as of January 2012 and coincide with the World Customs Organization 2012 amendments to the 6-digit HS classification codes as well as with Finance Canada's changes to the 2012 Customs Tariff at the 8-digit HS codes. To obtain an HS 2012 Concordance Table, contact the International Trade Division's Marketing and Client Services Section (trade@statcan.gc.ca).
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