Québec’s merchandise trade up 13.7% in the fourth quarter of 2022
Notice of release
Québec, March 29, 2023. – The Institut de la statistique du Québec released today an overview of Québec’s international merchandise imports and exports in current dollars, established on a customs basis, for the fourth quarter of 2022. 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 fourth quarter of 2021.
Trade and trade balance in the fourth quarter of 2022
Québec’s merchandise trade (the sum of exports and imports) was valued at $61.4 billion, up 13.7% from the fourth quarter of 2021.
The merchandise trade balance (total exports minus total imports) showed a deficit of $1.0 billion in the fourth quarter of 2022.
The province continued to trade mainly with the United States (52.5%), and to a lesser extent, with China (7.8%).
Québec recorded a surplus of nearly $9.5 billion with the United States, and a $2.6 billion deficit with China. There was a $7.9 billion trade deficit with other countries, including a $3.2 billion deficit with the European Union.
Exports up 12.2%
Québec’s international merchandise exports totalled $30.2 billion, up 12.2% from the fourth quarter of 2021.
A large proportion of these exports were destined for the U.S. market (69.1%), and a smaller proportion, for the Chinese market (3.6%).
Aircraft were the most exported products in the fourth quarter. Their exports totalled $2,752.9 million, up 24.7% from the fourth quarter of 2021. They accounted for 9.1% of total exports. Unwrought aluminum and aluminum alloys ranked second with exports totalling $2,447.5 million, a 10.1% decline from the fourth quarter of 2021.
Imports up 15.2%
Québec’s international merchandise imports stood at $31.2 billion in the fourth quarter of 2022, up 15.2% from the fourth quarter of 2021.
The United States remained Québec’s leading supplier, accounting for 36.5% of the province’s total imports. China, its second-largest supplier, commanded an 11.8% share.
The most imported products in the fourth quarter of 2022 were light-duty trucks, vans and sport utility vehicles ($3,072.4 million). They were followed by aircraft parts and other aerospace equipment ($1,904.8 million) and conventional crude oil ($1,563.3 million).
Pharmaceutical and medicinal products were the fourth most exported products. They slid below the billion-dollar mark ($910.6 million) for the first time since the first quarter of 2021 and were down 18.2% from the fourth quarter of 2021.
Next release: June 28, 2023
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