Notice of release
Québec, October 12, 2023. – The Institut de la statistique du Québec released today an overview of Québec’s international merchandise exports and imports in current dollars, established on a customs basis, for the second quarter of 2023. The analysis looks at this trade from several angles, including the countries of origin and destination and the products imported or exported. Changes are calculated in relation to the second quarter of 2022.
Trade and trade balance in the second quarter of 2023
Québec’s merchandise trade (the sum of exports and imports) was valued at nearly $61.2 billion, down 2.6% from the second quarter of 2022.
The merchandise trade balance (total exports minus total imports) showed a deficit of $4,503.9 million in the second quarter of 2023.
The province continued to trade mainly with the United States (52.7%), and to a lesser extent, with China (7.5%).
Québec recorded a surplus of nearly $9.8 billion with the United States and a deficit of nearly $2.8 billion with China. The trade deficit with other countries (excluding the United States and China) therefore stood at $11.5 billion, including a $4.8 billion deficit due to Québec’s trade with the European Union.
Exports down by 4.5%
Québec’s international merchandise exports totalled slightly under $28.4 billion, down 4.5% from the second quarter of 2022.
A large proportion of these exports were destined for the U.S. market (74.1%), and a smaller proportion, for the Chinese market (3.2%).
Unwrought aluminum and aluminum alloys were the most exported products in the second quarter. Their exports totalled $2,336.5 million, down 33.8% from the second quarter of 2022. They accounted for 8.2% of Québec’s total exports. Aircraft ranked second with exports totalling $1,593.2 million, a 5.7% decline from the second quarter of 2022.
Imports down by 0.8%
Québec’s international merchandise imports totalled nearly $32.9 billion in the second quarter of 2023, down 0.8% from the second quarter of 2022.
The United States was Québec’s leading supplier, accounting for 34.1% of the province’s total imports. China, its second-largest supplier, commanded an 11.2% share.
The most imported products in the second quarter of 2023 were light-duty trucks, vans and sport utility vehicles ($3,792.3 million). They were followed by aircraft parts and other aerospace equipment ($2,055.7 million) and conventional crude oil ($1,125.9 million).
Imports of conventional crude oil decreased by 31.4% from the second quarter of 2022, while imports of pharmaceutical and medicinal products were down by 5.5%.
Next release: December 20, 2023
The Institut de la statistique du Québec produces, analyzes and disseminates official, objective and quality statistical information on various aspects of Québec society. It is responsible for conducting all statistical surveys of general interest. The relevance of its work makes it a strategic ally for decision makers and all those wishing to learn more about Québec.