OTTAWA, Ont. — Canada’s exports rose 2.8% in November, halting two consecutive declines, with increases in all sectors but agriculture and forestry, according to the monthly report from Statistics Canada. Imports inched up 0.4% for the month.
Companies exported merchandise worth $38.1 billion in November while imports stood at $33.5 billion.
Exports to the United States surged 3.6% to $29.4 billion, with gains in exports of energy and autos. This was in contrast to a downward trend in exports to the United States that has dominated the second half of 2006 in the wake of retreating energy prices and falling shipments of lumber and autos.
In fact, these second-half declines, combined with rising demand for metals, chemicals and aircraft from countries other than the United States, have changed the composition of Canada’s exports, Statistics Canada points out in its Daily Bulletin. The United States, our biggest trading partner, accounted for only 77% of all merchandise exports in November, compared with 82% a year ago and 84% in November 2002. Exports to the United States were 1.7% lower in the first 11 months of 2006 compared with the same period a year earlier.
On the other hand, exports to countries other than the United States were up 13% for this 11-month period.
Exports to the European Union were up 15.7% compared with January to November 2005, thanks to higher exports of gold, uranium and aircraft. In terms of other Organisation of Economic Co-operation and Development (OECD) countries, Mexico is the leading destination for exports, registering increases in iron and steel, telecommunications equipment, as well as auto parts.
For the rest of the world, exports to India were also up, with wheat, aircraft and metal ores leading the way. Brazil and Russia have also shown large gains in 2006.
Exports to China have registered an increase over 2005 levels. Canadas exports of metals to China, such as nickel, have recorded a large jump. This has been partially offset by declines in agricultural materials, such as potash.
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