Exports up in February 2014

Québec, April 16, 2014 – Québec’s seasonally adjusted international merchandise exports in constant dollars at 2007 prices increased 5.7% in February 2014 (up 3.1% in Canada). Their cumulative volume for the first two months of 2014 was 4.6% above its level for the corresponding months of 2013 (down 1.9% in Canada). This was revealed in the information released today by the Institut de la statistique du Québec on international merchandise trade.

The 25 major commodity groups accounted for 58.3% of Québec exports in February 2014, a proportion 1.9 percentage points higher than in the previous month. Sixteen of those groups saw growth in February. Iron ores and concentrates, unwrought copper and copper alloy, as well as aircraft recorded the largest increases. The sharpest drops were recorded by unwrought iron, steel and ferro-alloys, light fuel oils as well as wood pulp.

Non-seasonally adjusted exports to the United States in current dollars were up 2.7% and their relative share among Québec exports was 70.7% in February. Among the top 10 commodity groups exported to the United States, aircraft, printed and integrated circuits, semiconductors, and circuit assemblies, aircraft parts and other aerospace equipment recorded the largest increases. Electricity, unwrought copper and copper alloys, and paper (except newsprint) recorded the largest drops in exports to our neighbours to the south.

Exports to Europe went down 12.9% in February, and their relative share among Québec exports was 11.7%. Among the top 10 commodity groups exported to Europe, aircraft engines, fresh and frozen pork, measuring and control devices, and electrical, medical, scientific and technical instruments posted the most noteworthy gains. Conversely, aircraft, unwrought aluminum and aluminum alloys, and oilseeds (except canola) registered the largest drops.

Exports to Asia increased by 25.5% and accounted for 10.1% of Québec exports in February 2014. Iron ores and concentrates and unwrought copper and copper alloys had the highest increases, while aircraft registered the steepest decline.

Easing of imports in February 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices contracted 1.7% in February 2014 (up 0.8% in Canada). Their cumulative volume for the first two months of 2014 was 3.3% below its level for the same period in the previous year (down 1.2% in Canada).

The 25 major commodity groups accounted for 60.3% of Québec imports in February 2014, up 0.7 percentage points from the previous month. Of those groups, 11 posted increases in February. Strong increases were noted in aircraft, followed by electricity and light-duty trucks, vans and sport utility vehicles. Motor gasoline, pharmaceutical and medicinal products, printed and integrated circuits, semiconductors, and circuit assemblies recorded the sharpest drops.

Non-seasonally adjusted imports from the United States in current dollars increased 1.7% and accounted for 40.7% of Québec imports in February 2014. Among the top 10 commodity groups imported from the United States, aircraft, light-duty trucks, vans and sport utility vehicles as well as passenger cars posted the most significant increases. On the other hand, imports from our neighbours to the south of crude oil and motor gasoline experienced the steepest drops.

Imports from Europe grew by 6.2% in February and accounted for 23.6% of Québec imports. Among the top 10 commodity groups imported from Europe, crude oil posted strong growth, followed by passenger cars and chemical products not elsewhere classified. Pharmaceutical and medicinal products and wine and brandy, however, experienced drops.

Imports from Asia declined by 7.8% and accounted for 18.8% of all Québec imports. Among the top 10 commodity groups imported from Asia, light-duty trucks, vans and sport utility vehicles, and computers and computer peripheral equipment recorded increases in February. However, aircraft parts, women’s and men’s clothing, and footwear posted the largest declines.


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Sources:

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