Exports bounce back to open year

OTTAWA — Thanks to gains in energy and industrial goods and materials, Canadian exports in January partially recovered from their decline the previous month.

The boost in these sectors outweighed declines in automotive products, machinery and equipment and other consumer goods, reports Stats Canada.

Energy products gained ground for the third straight month, surging 11.9 percent to $9.2 billion on the strength of record high crude petroleum exports. Other energy products increased dramatically, as coal and other related products soared 26.7 percent.

Industrial goods and materials also rebounded in January, jumping 10.7 percent to $8.7 billion. While gains were widespread across the sector, precious metals exports, which reached a record, accounted for nearly half the gain.

Agricultural and fishing products also rose 7.7 percent to a record $3.0 billion. Canola’s popularity continued to expand too, partly due to China’s increased demand.

Halting nine months of severe decline, exports of forestry products increased 1.1 percent to $2.1 billion. These gains outweighed tumbles in exports of lumber and sawmill products.

Meanwhile, exports of machinery and equipment dropped for the second month in a row, slipping 1.3 percent to $7.5 billion, their lowest level since December 2004.

Automotive products struggled for a second straight month, falling 9.9 percent to $5.0 billion, as a result of continued widespread temporary plant shutdowns and production cutbacks. Exports of trucks and other motor vehicles plummeted 29.3 percent to their lowest level dating back to June 1991.