20 April 2004

Canadian exports, imports on the rise

The following article is excerpted from the 19 April 2004 edition of “Canadian Transportation & Logistics”.

After a surprisingly weak January for merchandise trade, both exports and imports rebounded sharply in February, the latest Statistics Canada trade figures show.

Exporters sent $34.1 billion worldwide in February, up 7.0% from January, which was the lowest level in almost five years. Strong automotive shipments to the United States led the increase. Imports reached $28.4 billion (a 6.1% rise from the previous month) on higher imports of machinery and equipment.

The 7.0% export growth to the United States was equal, in percentage terms, to the overall export rise. The United States was also the destination for 81.0% of all export shipments during the month. In turn, Canada purchased just shy of $20 billion from the United States, up 5.8% since January. As a result, Canada's trade surplus with this country soared to just under $8 billion.

Exports increased to all principal trading areas, with the exception of a slight decline to the other OECD countries. Imports increased across the map and Canada's non-US trade deficit widened slightly to $2.3 billion….

Import and export prices rose only slightly in February, indicating that most of the growth was real or volume related.