In January, Canada’s merchandise exports increased 4.2%, while imports were up 3.1%. As a result, Canada’s merchandise trade surplus with the world widened from a revised $1.2 billion in December 2022 to $1.9 billion in January 2023.
Exports of the farm, fishing, and intermediate food products rise for the fourth time in five months
Total exports rose 4.2% in January to reach $67.0 billion. The increase was widespread in January, with all product sections increasing except energy products. Farm, fishing, and intermediate food products, motor vehicles and parts, and metal and non-metallic mineral products all contributed roughly equally to the increase and were responsible for more than two-thirds of the gain in total exports. Exports excluding energy products rose 6.1% to $51.6 billion, an all-time high. Total exports in real (or volume) terms were up 5.3% in January.
Imports of motor vehicles and parts reach a record
Following two consecutive monthly declines, total imports increased 3.1% to $65.1 billion in January. Increases were observed in 6 of the 11 product sections. In real (or volume) terms, total imports were up 4.1%.
Chart 5 Chart 5: Contribution to the monthly change in imports, by product, January 2023
Contribution to the monthly change in imports, by product, January 2023
Chart 5: Contribution to the monthly change in imports, by product, January 2023
After posting a 7.2% decrease in December, imports of motor vehicles and parts rose 11.1% in January to reach a record $11.0 billion. Both engines and parts (+13.1%) and passenger cars and light trucks (+8.4%) contributed to the monthly increase. Higher imports of engines and parts reflected increased vehicle production in Canada, and higher imports of passenger cars and light trucks reflected above-average auto sales in Canada for the month of January. On a year-over-year basis, imports of motor vehicles and parts were up 43.1% compared with January 2022.
Source : www150.statcan.gc.ca/n1/ For More Details