Canada’s second-quarter 2008 Gross Domestic Product (GDP) figure was restrained (+0.3% quarter to quarter annualized) partly due to weakness on the trade front. From the first quarter to the second quarter of this year, exports declined and imports increased. However, this gives too negative an impression of the nation’s position vis-à-vis trade with other nations.

The following are some statistics on Canada’s foreign shipments, taken directly from the latest merchandise trade report as released by Statistics Canada. Through the halfway point of this year, the following are product areas where Canada’s current-dollar export gains have been substantial and the value is above $1 billion.

Few of these are surprises. The export strength lies mainly in raw materials, with energy products in the forefront. The first-half dollar volume is shown in brackets in order to indicate relative importance. Accordingly, the listing is a ranking by latest year-to-date dollar volume, rather than percentage change.

(1) Crude petroleum ($31.8) +63.0%;

(2) Petroleum and coal products ($11.4) +39.2%;

(3) Precious metals and alloys ($5.1) +55.7%;

(4) Wheat ($3.7) +67.1%;

(5) Fertilizers and fertilizer materials ($2.9) +42.8%;

(6) Steel bars, rods, plates and sheets ($2.4) +23.5%;

(7) Non-metallic minerals ($2.4) +71.7%;

(8) Iron ores, concentrates and scraps ($2.2) +33.4%;

(9) Coal ($2.1) +49.2%;

(10) Electricity ($2.0) +14.2%.

The export areas where there have been the greatest dollar-volume declines have been mainly auto- and forestry-related, both due to weak U.S. markets, and manufactured products where the several-year increase in value of the loonie has played a role.

(1) Passenger cars ($17.2) -16.2%;

(2) Motor vehicle parts ($10.2) -18.8%;

(3) Television and telecommunication equipment ($4.6) -15.9%;

(4) Aluminum including alloys ($4.5) -16.2%;

(5) Trucks ($3.6) -51.6%;

(6) Office machines and equipment ($2.9) -23.4%;

(7) Lumber ($2.7) -35.0%;

(8) Nickel ores, concentrates and scraps ($2.0) -26.2%;

(9) Nickel and alloys ($2.0) -35.5%.

Alex Carrick

Find Canadian construction-related economic articles in Canadian Construction Market News and in the Economic Outlook section of Daily Commercial News.

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