Exports down in November 2014

Québec, January 21, 2015 – Quebec’s seasonally adjusted international exports in constant dollars at 2007 prices dropped 11.5% in November 2014 (down 2.3% in Canada). Still, their cumulative volume for the first eleven months of 2014 was 9.8% above the level for the same period in 2013 (up 5.1% in Canada). These figures on international merchandise trade were released today by the Institut de la statistique du Québec.

Nine of the 25 major commodity groups exported by Québec posted an increase in November. Aircraft parts and other aerospace equipment recorded the largest gains, followed by turbines and turbine generator set units, and other unwrought non-ferrous metals. The most significant declines were in aircraft, unwrought aluminum and aluminum alloys, and pharmaceutical and medicinal products.

Non-seasonally adjusted exports to the United States in current dollars dropped by 15.3% and accounted for 68.0% of Québec exports. Among the top 10 commodity groups exported to the United States, only unwrought copper and copper alloys and electricity posted gains. Aircraft recorded a sharp drop, followed by unwrought aluminum and aluminum alloys, and softwood lumber.

Exports to Europe were down 15.1% and their share among Québec exports was 11.6%. Among the top 10 commodity groups, the strongest increases were noted in oilseeds (except canola), turbines and turbine generator set units, and aircraft engines. In contrast, aircraft recorded a significant decline, followed by iron ores and concentrates, and measuring and control devices and electrical, medical, scientific and technical instruments.

Exports to Asia shrank 9.2% and accounted for 10.0% of Québec exports. Among the 10 major products exported to Asia, aircraft registered a large increase, followed by oilseeds (except canola) and newsprint. The sharpest drops were recorded by iron ores and concentrates, and by commercial and service industry machinery.

Decline in imports in November 2014

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices contracted 2.8% in November 2014 (down 1.8% in Canada). The cumulative volume for the first eleven months of 2014 was 1.5% below its level for the corresponding months of 2013 (up 2.5% in Canada).

Among the 25 major commodities, ten recorded increases in November. The most significant increases were recorded by motor gasoline, unwrought copper and copper alloys, and passenger cars. Crude oil posted the sharpest decline, followed by pharmaceutical and medicinal products, and computers and computer peripheral equipment.

Non-seasonally adjusted imports from the United States in current dollars were down 12.1% in November 2014 and accounted for 40.3% of Québec imports. The highest increases in imports from the United States were posted by motor gasoline, aircraft parts and other aerospace equipment, as well as light-duty trucks, vans and SUVs. Crude oil registered the largest drop, followed by passenger cars and plastic resins.

Imports from Europe dropped by 5.7% in November and represented 22.1% of Québec imports. Among the 10 main commodities imported from Europe, two posted increases: iron, steel and ferro-alloys, and passenger cars. The sharpest drops were recorded by pharmaceutical and medicinal products, motor gasoline, and aircraft parts and other aerospace equipment.

Imports from Asia were down 14.1% and accounted for 19.7% of Québec imports. Among the 10 main commodities imported from Asia, jet fuel posted the highest increase, followed by computers and computer peripheral equipment and telephone apparatus. Women’s clothing, footwear and men’s clothing registered the largest declines.


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Sources:

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