Exports down in January 2015

Québec, March 31, 2015 – Quebec’s seasonally adjusted international exports in constant dollars at 2007 prices dropped 15.7% in January 2015 (down 4.4% in Canada). However, the volume of exports was 14.5% above its level in January 2014 (up 8.2% 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 January 2015. Light fuel oils recorded the strongest gains, followed by unwrought precious metals and precious metal alloys, and medium and heavy-duty trucks and chassis. On the other hand, among the products that saw declines, aircraft posted the sharpest drop, followed by unwrought aluminum and aluminum alloys and oilseeds (except canola).

Non-seasonally adjusted exports to the United States in current dollars declined by 4.8% in January 2015 and accounted for 75.4% of Québec exports. Among the top 10 commodity groups exported to the United States, light fuel oils, unwrought precious metals and precious metal alloys as well as paper (except newsprint) posted the highest increases. Aircraft, unwrought aluminum and aluminum alloys, and printed and integrated circuits, semiconductors, and circuit assemblies registered the sharpest drops.

Exports to Europe were down 41.6%, and their relative share among Québec exports was 10.6%. Among the 10 major commodity groups exported to Europe, iron ores and concentrates, aircraft parts and other aerospace equipment, and computers and computer peripheral equipment posted the most significant increases. However, aircraft and oilseeds (except canola) recorded sharp declines.

Exports to Asia shrank 55.8% and accounted for 5.7% of Québec exports. Among the 10 major products exported to Asia, only oilseeds (except canola) posted strong growth. Aircraft recorded the largest decrease, followed by commercial and service industry machinery, and measuring and control devices and electrical, medical, scientific and technical instruments.

Imports decreased in January 2015

Québec’s seasonally adjusted international merchandise imports in constant dollars at 2007 prices declined by 4.8% (down 0.9% in Canada). However, the import volume was 3.0% above its level in January 2014 (up 6.5% in Canada).

Fourteen of the 25 major commodity groups imported by Québec posted an increase in January 2015. The most notable gains were in light fuel oils, aircraft, and unwrought copper and copper alloys. Conversely, jet fuel recorded the largest decline, followed by unwrought iron, steel and ferro-alloys, and pharmaceutical and medicinal products.

Non-seasonally adjusted imports from the United States in current dollars were down 12.8% in January and accounted for 40.8% of Québec imports. Among the 10 major products imported from the United States, jet fuel, light fuel oils, and printed and integrated circuits, semiconductors, and circuit assemblies stood out with significant increases. Motor gasoline, passenger cars, as well as light-duty trucks, vans and SUVs experienced the largest drops.

Imports from Europe declined by 23.2% in January and accounted for 19.4% of Québec imports. Among the 10 major products imported from Europe, the strongest growth came from aircraft, unwrought iron, steel and ferro-alloys, as well as wine and brandy. Crude oil posted a significant drop, followed by pharmaceutical and medicinal products, and aircraft parts and other aerospace equipment.

Imports from Asia rose 5.0% in January 2015 and their share among Québec imports was 23.6%. Among the top 10 commodities imported from Asia, the strongest growth came from women’s clothing, footwear and men’s clothing. On the other hand, computers and computer peripheral equipment posted a sharp decline, followed by telephone apparatus and aircraft parts and other aerospace equipment.


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Sources:

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