Canada Exports RIse in December

Canada’s exports rose 2.6% month over month to C$65.6 billion in December, following a decline in November. Despite the headline increase, exports decreased in seven of the eleven product categories. Metal and non-metallic mineral products climbed 18.0%, rebounding after earlier weakness as exports of unwrought gold, silver and platinum group metals increased sharply, driven by higher shipments to the UK, the US and Australia. Aircraft and other transportation equipment and parts exports surged 20.5%, with aircraft shipments up 26.0% on stronger deliveries to the United States. Partly offsetting these gains, energy exports fell 1.0%. Exports to the US increased 1.1%, while shipments to countries other than the US rose 5.8% to a record high.

Canada’s exports fell 2.8% month over month to C$63.9 billion in November, following strong gains in September and October. Despite the headline decline, exports increased in eight of the eleven product categories. Metal and non metal mineral products dropped 24.4%, reversing earlier strength as exports of unwrought gold, silver and platinum group metals fell sharply, driven by weaker shipments to the UK, the US and Hong Kong. Motor vehicle and parts exports declined 11.6%, with passenger cars and light trucks down 9.0% amid lower production, while exports of medium and heavy vehicles plunged 53.8% following the introduction of new US import tariffs. Partly offsetting these declines, energy exports rose 8.5%, led by a 7.6% increase in crude oil and bitumen shipments on higher volumes after temporary US refinery shutdowns in October. Exports to the US decreased 1.8%, while shipments to other countries fell 4.9%.

Canada’s exports rose 2.1% month-over-month to C$65.6 billion in October, following a strong 6.7% increase in September. Despite the headline gain, exports declined in six of the eleven product categories. Metal and non-metallic mineral products surged 27.3%, extending September’s sharp rise and reaching a new record, driven by a 47.4% jump in exports of unwrought gold, silver, and platinum group metals amid stronger gold shipments to the UK. Motor vehicle and parts exports increased 4.1%, with gains across all subcategories, led by passenger cars and light trucks (3.2%) and medium and heavy vehicles (24.7%). Offsetting part of the advance, energy exports fell 8.4%, mainly due to a 13.5% drop in crude oil and bitumen shipments, reflecting lower volumes amid US refinery shutdowns and softer prices linked to global oversupply. Exports to the US declined 3.4%, while shipments to other countries rose 15.6% to a record high.