Canada Exports Decrease in January

Canada’s exports decreased 4.7% month over month to C$62.48 billion in January, following an increase in December. Despite the headline decline, exports increased in five of the eleven product categories. Metal and non-metallic mineral products fell 8.0%, driven by lower shipments of unwrought gold to the United Kingdom. Aircraft and other transportation equipment and parts exports decreased 16.0%, with aircraft shipments down 22.7% on lower exports to the United States. Partly offsetting these declines, energy exports rose 4.1%, led by natural gas. Exports to the US decreased 3.8%, while shipments to countries other than the US fell 6.5%.

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%.