Analysis

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Industrial goods and materials contribute most to exports' decline

Exports of industrial goods and materials fell 11.9% to $9.3 billion in January as all subsectors decreased. Both prices and volumes fell 6.1%. Exports of precious metals and alloys, fertilizer and fertilizer materials, as well as copper ores, concentrates and scrap were the main contributors to the sector's decline, a result of lower volumes.

Exports of machinery and equipment fell 11.9% to $6.6 billion as volumes fell 11.0%. A decrease of 26.1% in exports of aircraft and other transportation equipment was responsible for more than half of the sector's decline.

Exports of energy products grew 8.7% to $11.6 billion, on the strength of crude petroleum which reached a record high of $8.2 billion in January. Petroleum and coal products, up 12.8%, also contributed to the increase. Coal and other bituminous substances partly offset the sector's gain, falling 37.1%. The gain in the sector was the result of volumes increasing 11.0%.

Exports of automotive products, up for a fifth consecutive month, rose 6.1% to $6.2 billion. Volumes grew 8.4%. Passenger autos and chassis increased 9.3% to $4.4 billion, the highest level since January 2006.

Imports: widespread decreases

Imports of industrial goods and materials decreased 3.8% to $8.2 billion in January, as prices declined 4.0%. Metals and metal ores led the overall decline in the sector as precious metals and alloys fell 26.2%.

Imports of energy products fell 5.9% to $4.2 billion as all subsectors posted decreases. Petroleum and coal products led the decline mainly due to lower imports of aviation and diesel fuels.

Imports of machinery and equipment declined 1.7% to $10.7 billion in January. Lower imports of office machines and equipment, excavating machinery as well as other communication and related equipment contributed the most to the decrease.

The total decline in imports was partially offset by imports of automotive products, up 7.0% to $6.6 billion. This was the highest level since July 2007. Passenger autos and chassis led the increase, on the strength of volumes, up 14.4%.

Note: In general, merchandise trade data are revised on an ongoing basis for each month of the current year. Current year revisions are reflected in both the customs and balance of payments (BOP) based data.

The previous year's customs data are revised with the release of the January and February reference months as well as on a quarterly basis. The previous two years of customs based data are revised annually and are released in February with the December reference month.

Previous year's BOP based data will be revised with the release of the January, February, March and April 2012 reference months.

Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates produced for the energy sector with actual figures, changes in classification of merchandise based on more current information, and changes to seasonal adjustment factors.

Revised data are available in the appropriate CANSIM tables.