Wheat, barley and canola are stronger than a year earlier but there are signs that things will change

 

The year-to-date value of exports of Canadian wheat, barley and canola has risen sharply over the same time in 2007.

 

The export value of wheat soared by 52 per cent in the January to Sept. 30 period. The value of barley exports increased by 158 per cent year to date while the value of canola exports rose by 65 per cent in the nine-month period.

 

A merchandize trade report released by Statistics Canada also showed the value of exports of wheat flour, unmilled cereals and cereal preparations were also up sharply during the first three quarters of 2008.

 

Meat export values rose by a more modest 4.1 per cent as beef and hog prices remained under pressure throughout most of the year. Live animal export value accounted for $1.8 billion in export value to the end of September.

 

Overall, Canada exported $24.8 billion worth of agricultural and fish products in the first nine months of the year. Fish exports represented $3.1 billion of those exports while other food, beverages, tobacco and feed products accounted for $7.9 billion. The remaining $13 billion tended to derived from primary farm products, live animals and unmilled and processed cereal products.

 

Despite the higher value of exports so far some concerns are ahead. Prices for key grains and oilseed crops have been dropping and export values are likely to retreat going forward.

 

On the import side, Canada had imported $20.7 billion worth of agriculture and fishing products to the end of September. Canada had a trade surplus in agriculture and fish products to the tune of $4.1 billion in the nine-month period.

 

Fruits and vegetables represented the largest value in terms of imports at $5.6 billion for the nine-month period. Items like coffee, tea, cocoa and other food preparations were next at $3.2 billion. Beverages accounted for a further $2.3 billion.

 

The value of corn imports were up 45 per cent to $544 million, up from $344 million last year. Other feed imports were up 32 per cent to just over $1 billion. Imports of meat and live animals were relatively flat, rising just 3.6 per cent. Sugar and sugar preparations amounted to almost $1.1 billion worth on the import side.

 

In terms of broader trade, Canada's overall surplus fell to $4.5 billion, down from $5.6 billion in August. The retreat was led by industrial goods and materials, automotive products and energy products and services. Imports at the same time rose by 1.9 per cent to $38 billion. Total exports were $42.5 billion, leaving the trade surplus of $4.5 billion.