Canadian international merchandise trade takes it on the chin

Canada’s merchandise exports fell to their lowest level in 17 months in August, Statistics Canada reports.

Exports declined in all major commodity groups except automotive products.

Canadian companies exported just over $34.1 billion worth of merchandise, down 3.4% from July and the lowest level since April 2000. Exports have been generally declining since January, when they reached a record $38.4 billion.

Exports of automotive products, the only bright spot, rose 1.9% to nearly $8.0 billion, surpassing machinery and equipment as the top export sector.

Imports, meanwhile, declined 0.9% to $29.7 billion; increases in the automotive, agriculture and consumer goods sectors failed to offset larger declines in all others.

As a result, Canada’s trade surplus fell to just over $4.4 billion, about one-half the record surplus of more than $8.4 billion in January. Even so, the cumulative merchandise trade surplus for the first eight months of 2001 stood at $48.3 billion, about $11.3 billion higher than for the same period of 2000.

For more information, or to enquire about the concepts, methods or data quality of this release, contact Jocelyne Elibani, (1-800-294-5583; 613-951-9647) or Daryl Keen (613-951-1810), International Trade Division.