Canadian exports of goods in June 2020 increased by 17.1pc to CA$39.7bn ($29.6bn) while imports rose by 21.8pc to CA$42.9bn compared to May, as per reports from Statistics Canada (Statcan).
The country’s monthly service exports rose by 4.1pc to CA$8.1bn while its service imports increased by 17pc to CA$8.8bn in June, compared to the previous month. As a result, the total import and export including trade in both, goods and services, surged by 20.9pc to CA$51.7bn and by 14.7pc to CA$47.8bn in June, compared to May.
According to Statcan’s report, the increase was mainly driven by trading of motor vehicles in June. That being said, trade was down 14.3pc and 17.9pc in June compared to pre-pandemic levels in February.
In total, CA$5.2bn was spent on import of motor vehicles into the country, which represented half of the increase in June. Passenger cars and light truck imports from the US, Germany, Mexico and S.Korea totalled close to CA$1.7bn in June while import of automotive engines and parts was worth CA$1.6bn. Canada’s aircraft imports in June almost doubled to CA$2.1bn compared to the previous month while other transportation equipment imported into the country was worth $738mn in June this year.
Canadian motor vehicle exports also surged in June to around CA$6.1bn compared to CA$1.9bn in May. Passenger cars and light trucks worth CA$2.9bn, while engines and parts worth CA$976mn were exported in June. Canada’s of metallic and non-metallic exports also jumped up by almost 17.4pc in June 2020. Most of this was led by increased exports from Canada into the US.
Canada’s imports from the US surged by 28pc to CA$26.4bn in June compared to May while exports to the US also increased by 21.8pc to CA$27.5bn in June. Import and export of motor vehicles to and from US was the main contribution towards this increase.
Imports into Canada from countries other than US jumped up by 13pc to CA$16.5bn while exports increased by 7.8pc to CA$12.2bn. Imports mainly consisted of automotive equipment from countries like Mexico, Belgium and Germany played a part while gold exports to the UK played a major role in this increase.
In the second quarter, Canadian exports saw a 24.7pc drop to CA$105.7bn compared to CA$140.4bn Q1 while imports declined by 22.7pc to CA$115.1bn in Apr-Jun over the first quarter.
($1 = CA$1.34)