Canada recorded a trade surplus of CAD 0.68 billion in July 2024, the first since February, following a downwardly revised deficit of CAD 0.18 billion in June and below market estimates of a CAD 0.85 billion surplus. Exports dropped by 0.4% to CAD 65.7 billion, driven by lower sales of motor vehicles (-5.4%), a second consecutive monthly decrease, as well as farm, fishing and intermediate food products (-3.9%). Imports fell by 1.7% to CAD 65 billion, largely on lower acquisitions of motor vehicles and parts (-10.8%) and aircraft and other transportations equipment and parts (-17.2%). Partially offsetting these declines, imports of metal and non-metallic minerals increased by 10.1%. source: Statistics Canada
Canada recorded a trade surplus of 680 CAD Million in July of 2024. Balance of Trade in Canada averaged 1129.44 CAD Million from 1971 until 2024, reaching an all time high of 8554.40 CAD Million in January of 2001 and a record low of -5755.00 CAD Million in December of 2018. This page provides the latest reported value for - Canada Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2024.
Canada recorded a trade surplus of 680 CAD Million in July of 2024. Balance of Trade in Canada is expected to be 2200.00 CAD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Balance of Trade is projected to trend around -754.00 CAD Million in 2025 and 200.00 CAD Million in 2026, according to our econometric models.
Canada Balance of Trade
Between 1980 and 2008, Canada recorded a positive trade balance every year, with an expectation of 1991 and 1992. From 2009 onwards, the trade balance shifted to a deficit. In 2021, it switched again to a trade surplus, with energy products making the largest share of exports. The United States remains the country's biggest trading partner.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 684.00 | -179.40 | 8554.40 | -5755.00 | 1971 - 2024 | CAD Million | Monthly |
News Stream
Canada Trade Surplus Smaller than Expected
Canada recorded a trade surplus of CAD 0.68 billion in July 2024, the first since February, following a downwardly revised deficit of CAD 0.18 billion in June and below market estimates of a CAD 0.85 billion surplus. Exports dropped by 0.4% to CAD 65.7 billion, driven by lower sales of motor vehicles (-5.4%), a second consecutive monthly decrease, as well as farm, fishing and intermediate food products (-3.9%). Imports fell by 1.7% to CAD 65 billion, largely on lower acquisitions of motor vehicles and parts (-10.8%) and aircraft and other transportations equipment and parts (-17.2%). Partially offsetting these declines, imports of metal and non-metallic minerals increased by 10.1%.
2024-09-04
Canada Unexpectedly Reports Trade Surplus
Canada recorded a trade surplus of CAD 0.64 billion in June 2024, the first since February, following an upwardly revised deficit of CAD 1.61 billion in May and compared to market estimates of a CAD 1.84 billion gap. Exports surged by 5.5% to CAD 66.7 billion, the strongest increase since February, driven largely by higher sales of unwrought gold, silver, and platinum group metals (+35.3%), as well as crude oil (+13.3%). Imports rose by 1.9%, nearly matching the record high of June 2022, to reach CAD 66 billion. This growth was primarily due to a significant rise in motor vehicles and parts (+5.1%) and consumer goods, particularly pharmaceutical products (+16.9%).
2024-08-06
Canada Trade Deficit Larger than Expected
Canada posted a trade deficit of CAD 1.93 billion in May of 2024, larger than market forecasts of CAD 1.2 billion, and following an upwardly revised gap of CAD 1.32 billion in the prior month. This was the largest deficit since June 2023, as exports slumped 2.6% month-over-month to a near yearly low of CAD 62.4 billion, with 8 of the 11 product sections posting declines, primarily metal and non-metallic mineral products (-7%), as well as energy products (-2.4%) and aircraft, other transportation equipment and parts (-11.5%). Meanwhile, imports decreased by 1.6% to CAD 64.4 billion in June, after rising by 1.3% in April, largely on lower acquisitions of metal and non-metallic mineral products (-10%), motor vehicles and parts (-4.4%), and energy products (-11.6%). Partially offsetting these declines, imports of metal ores and non-metallic minerals increased 27.3% in May.
2024-07-03
