Canada's Exports Rises in December


Canada's merchandise exports rose 9.7% to $37.8 billion in December, led by a 16.5% gain in volumes of energy products. Export volumes, up 6.6%, increased in most sectors. Prices rose 2.9%. Both volumes and prices have risen in 8 of the past 12 months.

Energy products accounted for over half the growth in the value of exports, followed by industrial goods and materials, which reached a record high. Notable increases were also recorded in exports of machinery and equipment, agricultural and fishing products as well as forestry products.

The value of imports edged up 0.7% to $34.8 billion. Import prices rose 0.4%, following four months of decline, while volumes increased 0.3%.

All import sectors except other consumer goods posted gains in December. The main sources of growth were energy products, agricultural and fishing products as well as automotive products.

As a result, Canada's trade balance with the world went from a deficit of $115 million in November to a surplus of $3.0 billion in December, the first trade surplus since February 2010.

On the strength of energy products, exports to the United States rose 10.8% to $26.7 billion, the highest value since November 2008, while imports were up 2.3%. Consequently, Canada's trade surplus with the United States increased from $3.0 billion in November to $5.1 billion in December, the largest trade surplus since October 2008.

Exports to countries other than the United States increased 7.3%, the sixth consecutive monthly gain, while imports declined 1.9%. Canada's trade deficit with countries other than the United States declined from $3.1 billion in November to $2.1 billion in December.


TradingEconomics.com, Statistics Canada
2/11/2011 1:57:32 PM