Exports slightly up in May 2014

Québec, July 16, 2014 – Québec’s seasonally adjusted international merchandise exports in constant dollars at 2007 prices rose 0.5% in May 2014 (up 4.4% in Canada). The cumulative volume for the first five months of 2014 was 5.4% above its level for the corresponding months of 2013 (2.6% increase in Canada). This was revealed in the information released today by the Institut de la statistique du Québec on international merchandise trade.

In May, the 25 major commodity groups accounted for 59.5% of Québec exports, 1.2 percentage points higher than in the previous month. Of these groups, 13 posted gains in May. Unwrought aluminum and aluminum alloys, commercial and service industry machinery, as well as aircraft posted the strongest gains. On the other hand, unwrought copper and copper alloys, heavy fuel oils and pharmaceutical and medicinal products recorded the sharpest losses. 

Non-seasonally adjusted exports to the United States in current dollars were down 0.1% in May 2014 and their relative share among Québec exports stood at 70.6%. Among the major products exported to the United States, aircraft, printed and integrated circuits, semiconductors, and circuit assemblies, as well as aircraft parts and other aerospace equipment recorded the largest increases. However, paper and newsprint experienced decreases in May.

Exports to Europe decreased by 2.8% in May and accounted for 12.8% of Québec exports. Among the major products exported to Europe, aluminum and aluminum alloys, petrochemicals as well as commercial and service industry machinery recorded the strongest increases .On the other hand, the sharpest drops were recorded for iron ores and concentrates and aircraft. 

Exports to Asia shrank 5.8% in May and accounted for 9.4% of Québec exports. The main increases were seen in commercial and service industry machinery, fresh and frozen pork and iron ores and concentrates. However, aircraft and wood pulp recorded significant declines.

Imports down in May 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices dropped 2.9% in May 2014 (up 2.8% in Canada). The cumulative volume for the first five months of 2014 was 2.7% below its level for the corresponding months of 2013 (a 1.3% rise in Canada).

The 25 major commodity groups accounted for 57.8% of Québec imports, up 1.0 percentage point from the previous month. Of these groups, 13 posted gains in May. Motor gasoline experienced the most significant increase, followed by light-duty trucks, vans and sport utility vehicles, as well as passenger cars. On the other hand, conventional crude oil recorded a noteworthy drop, followed by jet fuel.

Non-seasonally adjusted imports from the United States in current dollars fell by 10.3% in May and accounted for 38.0% of Québec imports. Among the top products imported from the United States, light-duty trucks, vans and sport utility vehicles, printed and integrated circuits, semiconductors, and printed circuit assemblies, as well as passenger cars posted strong growth. However, the sharpest drops were recorded in crude oil, followed by aircraft parts and other aerospace equipment.

Imports from Europe rose by 1.7% and accounted for 28.9% of all Québec imports. The most significant gains were in motor gasoline, followed by turbines and turbine generator set units, and pharmaceutical and medicinal products. On the other hand, the largest drops were in measuring and control devices, electrical, medical, scientific and technical instruments, and wine and brandy.

Imports from Asia declined by 4.6% and accounted for 19.3% of all Québec imports. Among the top products imported from Asia, pharmaceutical and medicinal products posted a slight increase, while passenger cars, women’s clothing and computers and computer peripheral equipment experienced the largest drops.


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Sources:

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