11 March 2004

StatsCan reports weak imports, exports

The following article is excerpted from the 10 March edition of the “Toronto Star”.

Canada’s merchandise trade surplus fell to $5.2 billion in January from $5.4 billion in December as both imports and exports weakened, says Statistics Canada.

Imports fell to $26.6 billion, a sharp five per cent drop from December and the lowest level since June 1999, the agency said today.

Companies exported $31.8 billion in goods, a 4.7 per cent drop from December.

Automotive products accounted for more than half the decline in exports and more than one-third of the fall in imports.

“Canada’s trade surplus with the United States slipped slightly to $7.3 billion, mainly the result of stalled automotive trade,” the agency said.

“Exports south of the border fell four per cent to $26 billion, while imports declined 4.2 per cent to $18.7 billion.

Canada’s total trade deficit with countries other than the United States remained unchanged at $2.1 billion.”…

Imports fared this way:

Automotive imports fell 8.1 per cent to $5.7 billion.
Aircraft engines and parts imports were down 33.9 per cent to $465 million.
Crude oil imports fell 15.1 per cent to $941 million.
Industrial goods and materials imports were down 2.3 per cent.
Agricultural imports sank, as the discovery of a case of mad cow disease in the United States in late December further discouraged trade.