FX.co ★ Canada Exports Decrease in January

Canada’s exports fell 4.7% month over month to C$62.48 billion in January, following a gain in December. Despite the headline decline, exports rose in five of the eleven product categories.

Exports of metal and non-metallic mineral products dropped 8.0%, primarily reflecting lower shipments of unwrought gold to the United Kingdom. Exports of aircraft and other transportation equipment and parts decreased 16.0%, with aircraft shipments down 22.7% due to reduced exports to the United States.

These declines were partly offset by a 4.1% increase in energy product exports, driven mainly by higher natural gas shipments. By destination, exports to the United States declined 3.8%, while exports to countries other than the US fell 6.5%.