Statistics Canada reports record import and export figures

Both imports and exports in and out of Canada have achieved record figures this year, according to the latest report by Statistics Canada (SC).

Investigating May’s figures, SC found that imports rose by 2.4% overall to a value of $49.8bn, with volumes rising by 1.8% and prices by 0.6%.

The aircraft and transportation industry is primarily responsible for the increase with the importing of equipment and parts, mainly from the United States, going up by close to 50%.

Motor vehicles and parts accounted for the best part of $10bn of the total imports value, with energy products such as refined petroleum totalling $2.8bn. 

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Exports achieved their third consecutive monthly gain because of increased volume.

Metal and non-metallic mineral products went to a value of $6.2bn, a rise of 11.1%, with unwrought precious metals and precious metal alloys responsible, mainly down to high exports of unwrought gold to the United Kingdom.

Exports of vehicles and parts rose 3.6% but energy products fell by 9% because of lower exports of crude oil and crude bitumen. 

The report also found that imports from the United States hit a record value at $32.7bn and that, in total, Canada achieved a total trade value of $98.5bn in May with a merchandise trade deficit with the world of $1.1bn.