Analysis
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Energy products: the largest contributor to the decrease in exports
Exports of energy products fell 8.5% to $8.2 billion in July, on lower volumes and prices. Crude petroleum's exports, down 9.6% to $5.1 billion, led the decline. Prices and volumes of crude petroleum have been trending downwards since January 2012. Exports of petroleum and coal product decreased for a third consecutive month, falling 10.7% to $1.8 billion, mainly the result of lower exports of light oils and fuel oils.
Exports of machinery and equipment decreased 5.5% to $6.7 billion as widespread decreases were recorded within the sector. Exports of aircraft, engines and parts fell 19.6%, on lower volumes.
Exports of automotive products decreased 5.3% to $5.9 billion, largely due to exports of passenger autos and chassis which declined 7.5% to $4.0 billion. Overall, volumes fell 4.7% in July.
Two sectors account for the decline in imports
Imports of energy products declined 12.3% to $3.8 billion, as both volumes and prices fell in July. Petroleum and coal products imports, down 33.5%, accounted for the decrease in the sector.
Imports of machinery and equipment decreased 3.7% to $10.8 billion, on lower volumes. The decline in the sector was largely attributed to a 4.7% decrease in imports of other equipment and tools, mainly measuring and controlling instruments as well as air conditioning and refrigeration equipment. Imports of other industrial machinery and office machines and equipment also contributed to the sector's decline.
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 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.
The 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, free of charge.
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