Canadian merchandise trade continued to rise in November despite the significant transportation disruptions caused by flooding and landslides in British Columbia, Statistics Canada data revealed today.
Total exports increased 3.8 per cent to $58.6 billion in November while imports rose 2.4 per cent to $55.4 billion.
Looking specifically at sectors key to Canadian job shops:
– Industrial machinery, equipment and parts exports declined 0.9 per cent in November but are up 5.8 per cent year over year.
– Electronic and electrical equipment and parts exports increased 2.0 per cent in November and are up 9.2 per cent year over year.
– Motor vehicles and parts exports increased 4.0 per cent in November but are down 10.1 per cent year of year as this sector has been particularly hard hit by the semi-conductor shortage.
– Aircraft and other transportation and equipment and parts exports were up 8.3 per cent in November and up 5.3 per cent year over year.
– Consumer goods were up 9.0 per cent in November and up a whopping 24.8 per cent year over year as Canadians put money they could not spend on travel and entertainment due to Covid restrictions towards goods purchases.
Although the transportation issues in British Columbia in November did not prevent Canadian exports overall from staying in positive territory, they certainly did have an impact on the province. By mid-November, flooding and landslides caused severe damage to infrastructure in the province, resulting in significant transportation disruptions to and from key points of international trade on the West Coast. Goods exported from British Columbia fell 7.8 per cent as a result.
Any downward pressure on exports due to the situation in British Columbia was more than offset by record high exports to the US. Following a 7.5% increase in October, exports to the United States rose 6.4% in November to a record high $45.2 billion.