Exports down in January 2014

Québec, March 26, 2014 – Québec’s seasonally adjusted international exports in constant dollars at 2007 prices decreased 3.2% in January 2014 (down 4.4% in Canada). The export volume was 0.5% below its level in January 2013 (a 1.9% drop in Canada). This was revealed in the information released today by the Institut de la statistique du Québec on international merchandise trade.

Twelve of the 25 major commodity groups exported by Québec posted an increase in January 2014. The largest increases were in unwrought aluminum and aluminum alloys, iron ores and concentrates, and unwrought steel and ferro-alloys. Among the groups on the decline, aircraft posted the largest drop, after a sharp increase in December, with electricity and printed and integrated circuits, semiconductors, and printed circuit assemblies trailing far behind.

Exports to the United States, non-seasonally-adjusted and in current dollars went down 8.4% in January 2014 and accounted for 70.2% of Québec exports. Among the top 10 commodity groups exported to the United States, the strongest increases were recorded by basic and semi-finished non-ferrous metal products (except aluminum), unwrought copper and copper alloys, and paper (except newsprint). Aircraft, aluminum and aluminum alloys, and aircraft parts and other aerospace equipment posted the sharpest drops.

Exports to Europe rose 9.8% in January and their relative share among Québec exports was 13.8%. Out of the 10 major commodity groups, iron ores and concentrates, oilseeds (except canola), and aluminum and aluminum alloys posted the most significant increases. Aircraft, aircraft engines, pharmaceutical and medicinal products all posted declines in January.

Exports to Asia shrank 28.5% in January 2014 and accounted for 8.2% of Québec exports. Out of the 10 major commodity groups, turbines and turbine generator set units as well as iron, steel and ferro-alloys stood out with significant gains. Iron ores and concentrates, aircraft and newsprint posted sharp declines.

Imports down in January 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices contracted 2.7% in January 2014 (down 3.7% in Canada). The import volume was 9.9% below its level in January 2013 (down 2.3% in Canada).

Fourteen of the 25 major commodity groups imported by Québec posted an increase in January. The largest increases were seen in unwrought copper and copper alloys, followed by printed and integrated circuits, semiconductors, and circuit assemblies, and motor gasoline. The largest decreases were recorded by crude oil, light-duty trucks, vans and sport utility vehicles, and by aircraft parts and other aerospace equipment.

Non-seasonally adjusted imports from the United States in current dollars fell by 3.7% in January and accounted for 40.6% of Québec imports. Among the 10 major commodity groups, crude oil, light fuel oils and motor gasoline stood out with significant gains. Aircraft, light-duty trucks, vans and sport utility vehicles as well as passenger cars experienced large drops.

Imports from Europe decreased by 14.0% in January and accounted for 23.1% of Québec imports. Among the top ten products imported from Europe, other basic organic chemicals and unwrought iron, steel and ferro-alloys showed strong growth. Crude oil, aircraft parts and other aerospace equipment, as well as passenger cars recorded sharp declines.

Imports from Asia rose 18.0% in January and accounted for 21.3% of all Québec imports. Among the 10 major commodity groups, women’s clothing, footwear, and aircraft parts and other aerospace equipment posted the highest increases, while computers and computer peripheral equipment, and telephone apparatus experienced drops.


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Sources:

  • Karine St-Pierre
    Economist
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