Canadian exports jump 2.3 per cent in July: StatsCan
Strong auto industry exports played a large role in gains.
Canadian exports climbed 2.3% in July, with strong growth in motor vehicles and parts, consumer goods, as well as aircraft and transportation equipment leading the way, according to new figures from Statistics Canada.
Total exports rose to $45.5 billion in July, StatsCan said, just under their previous record of $45.6 billion in July 2014, as 5 of 11 sections increased. “Exports of motor vehicles and parts increased 9.9% to $7.6 billion in July,” the agency said. “The main contributor was passenger cars and light trucks, which rose 14.9% to $4.9 billion, as scheduled shutdowns at several automotive plants were shorter than usual for July. Overall, volumes increased 6.5% and prices 3.2%.”
Exports to the U.S. rose 2.9%, while the flow of goods to China surged 11.7%.
Exports of basic and industrial chemical, plastic and rubber products rose 0.8% from July 2014, StatsCan said.
Exports of consumer goods were up 7.3% to a record $6.4 billion. Prices rose 5.9% and volumes 1.4%. “Exports of miscellaneous goods and supplies increased $619 million to $1.4 billion in July; the growth in this commodity grouping was led by ‘articles of precious metal’”, StatsCan said. “Aircraft and other transportation equipment and parts rose 19.2% to $2.4 billion. There were higher exports of aircraft (+29.5%) and aircraft engines and aircraft parts (+14.4%).”
While Canada’s energy sector continues to struggle against strong commodity price headwinds, losing 5.7 per cent of exports, non-energy exports rose 4%. Export prices grew 1.3% against June, while export volume climbed 1%.
As a result of the advance, Canada’s trade deficit narrowed to $593 million in July from $811 million in June.