Exports up in October 2014

Québec, December 17, 2014 – Québec’s seasonally adjusted international exports in constant dollars at 2007 prices increased by 1.9% in October 2014 (down 2.0% in Canada). Their cumulative volume for the first ten months of 2014 was 9.6% above the level for the same period in 2013 (up 5.3% in Canada). These figures on international merchandise trade were released today by the Institut de la statistique du Québec.

Thirteen of the major commodity groups exported by Québec posted gains in October. The largest increases were recorded by unwrought aluminum and aluminum alloys and by iron ores and concentrates. The most significant drops were recorded by aircraft, heavy fuel oils, and electricity.

Non-seasonally adjusted exports to the United States in current dollars were up 1.7% in October, and their relative share among Québec exports was 70.1%. Among the top 10 commodity groups exported to the United States, the strongest increases were recorded by unwrought aluminum and aluminum alloys, followed by softwood lumber, and basic and semi-finished non-ferrous metal products. Aircraft, unwrought copper and copper alloys, and aircraft parts and other aerospace equipment recorded the largest drops.

Exports to Europe were down 13.3% in October and accounted for 11.9% of Québec exports. The most significant gains were made by oilseeds (except canola), iron ores and concentrates, as well as other transportation equipment. On the other hand, the sharpest drops were recorded by aircraft, other metal ores and concentrates not elsewhere classified, and aircraft engines.

Exports to Asia increased by 21.8% in October and accounted for 9.7% of Québec exports. Aircraft, oilseeds (except canola), and turbines and turbine generator set units posted the strongest gains. On the other hand, wood pulp, fresh and frozen pork, and iron ores and concentrates recorded marked decreases.

Imports down in October 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices were down 1.2% in October 2014 (up 0.1% in Canada). The cumulative volume for the first ten months of 2014 was 1.6% below its level for the corresponding months of 2013 (up 2.4% in Canada).

Fifteen of the 25 major commodities posted gains in October. The strongest increases were recorded by jet fuel, crude oil, and pharmaceutical and medicinal products. Motor gasoline, aircraft parts and other aerospace equipment, as well as telephone apparatus recorded the largest drops.

Non-seasonally adjusted imports from the United States in current dollars were down 2.2% and accounted for 41.4% of Québec imports. Among the ten major commodities imported from the United States, jet fuel and crude oil recorded the most significant increases. The largest declines were recorded by motor gasoline, followed by aircraft parts and other aerospace equipment, and printed and integrated circuits, semiconductors, and printed circuit assemblies.

Imports from Europe dropped by 12.5% and accounted for 21.4% of all Québec imports. The largest gains came from pharmaceutical and medicinal products, ammonia and chemical fertilizers, as well as wine and brandy. Motor gasoline, passenger cars, and aircraft parts and other aerospace equipment posted the sharpest drops among the 10 major commodity groups imported from Europe.

Imports from Asia rose by 9.5% and accounted for 21.0% of Québec imports. Precious metals and their alloys posted the largest increase, followed by computers and computer peripheral equipment, and televisions and other audio and video equipment. Aircraft parts and other aerospace equipment, footwear, and passenger cars posted sharp declines.


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Sources:

  • Karine St-Pierre
    Economist
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