Exports down in July 2014

Québec, September 17, 2014 – Québec’s seasonally adjusted international merchandise exports in constant dollars at 2007 prices dropped 8.9% in July 2014 (up 1.3% in Canada). Nevertheless, their cumulative volume for the first seven months of 2014 was 7.1% above its level for the same period in the previous year (4.7% increase in Canada). This was revealed in the information released today by the Institut de la statistique du Québec on international merchandise trade.

In July 2014, the 25 major commodity groups accounted for 58.1% of Québec exports, down 2.9 percentage points from the previous month. Among these top products, 13 posted increases. Unwrought copper and copper alloy recorded the largest increase, followed by iron ores and concentrates, and aircraft parts and other aerospace equipment. On the other hand, aircraft recorded a sharp decline followed by heavy fuel oils and unwrought aluminum and aluminum alloys.

Non-seasonally adjusted exports to the United States in current dollars were down 12.2% in July 2014 and their relative share among Québec exports stood at 68.8%. Unwrought copper and copper alloys posted the largest increase, followed by electricity and paper (except newsprint).On the other hand, aircraft recorded the sharpest decline, followed by unwrought aluminum and aluminum alloys.

Exports to Europe decreased by 22.0% and accounted for 12.7% of Québec exports in July. Among the major commodity groups, unwrought aluminum and aluminum alloys, iron ores and concentrates as well as turbines and turbine generator set units posted the most significant increases. However, aircraft recorded the largest decline, followed by aircraft engines and grains, except wheat (mainly corn).

Exports to Asia were down 6.5% in July and accounted for 9.9% of Québec exports. Commercial and service industry machinery, including ground flying trainers, recorded the highest increase and was followed by iron ores and concentrates, while aircraft posted the largest decline.

Imports down slightly in July 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices dropped 0.1% in July 2014 (up 0.1% in Canada). Their cumulative volume for the first seven months of 2014 was 2.7% below its level for the same period in the previous year (up 1.9% in Canada).

In July, the 25 major commodity groups accounted for 60.0% of Québec imports, a 1.2% increase from the previous month. Of these groups, 12 posted gains. The most notable increases were recorded by motor gasoline, jet fuel and light-duty trucks, vans and sport utility vehicles. However, the sharpest drop was recorded by crude oil, followed by aircraft parts and other aerospace equipment, and passenger cars.

Non-seasonally adjusted imports from the United States in current dollars fell by 6.6% in July 2014 and accounted for 41.0% of Québec imports. The main increases were in jet fuel, aircraft and plastic resins. The main declines were recorded by passenger cars, crude oil, light-duty trucks, vans and sport utility vehicles.

Imports from Europe increased by 1.2% in July and accounted for 27.9% of Québec imports. Motor gasoline recorded the highest increase, followed by lubricants and other petroleum refinery products. The largest decreases were recorded by aircraft parts and other aerospace equipment, and turbines and turbine generator set units.

As for imports from Asia, they were up 6.9% in July and accounted for 20.0% of Québec imports. The main increases were recorded in women’s clothing, men’s clothing, and footwear. Finally, passenger cars posted the sharpest drop, followed by telephone apparatus.


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Sources:

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