Canada posted a trade deficit of CAD 3.73 billion in June of 2023, larger than market forecasts of CAD 2.90 billion and a downwardly revised gap of CAD 2.68 billion in the prior month. This was the largest deficit since November 2020, as exports slumped 2.2% month-over-month to a near 1-1/2-year low of CAD 60.7 billion, with 9 of the 11 product sections posting declines, primarily unwrought gold, silver and platinum (-18.3%), as well as industrial machinery and parts (-5%). Meanwhile, imports decreased by 0.5% to CAD 64.4 billion in June, after rising by 3% in May, largely on lower acquisitions of energy products (-13%) and pharmaceuticals (-7.2%). Conversely, imports increased for metal and non-metallic mineral products (+12.9%), of which unwrought gold, silver, and platinum group metals, and their alloys (+73.9%), mainly on growth in gold asset transfers within the banking sector. source: Statistics Canada

Balance of Trade in Canada averaged 1140.77 CAD Million from 1971 until 2023, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -5779.40 CAD Million in April of 2020. 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 August of 2023.

Balance of Trade in Canada is expected to be 412.00 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 255.00 CAD Million in 2024 and 246.00 CAD Million in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

Canada Balance of Trade



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-06 12:30 PM May C$-3.44B C$0.89B C$1.15B C$1.5B
2023-08-08 12:30 PM Jun C$-3.73B C$-2.68B C$-2.9B C$0.41B
2023-09-06 12:30 PM Jul C$-3.73B


Related Last Previous Unit Reference
Balance of Trade -3731.90 -2680.10 CAD Million Jun 2023
Current Account -6166.00 -8053.00 CAD Million Mar 2023
Current Account to GDP -0.40 -0.30 percent of GDP Dec 2022
Exports 60696.00 62053.40 CAD Million Jun 2023
Imports 64427.90 64733.50 CAD Million Jun 2023
External Debt 3587795.00 3584981.00 CAD Million Mar 2023
Terms of Trade 93.90 93.50 points Jun 2023
Capital Flows -4777.00 -3784.00 CAD Million Mar 2023
Foreign Direct Investment 23938.00 16650.00 CAD Million Mar 2023
Tourist Arrivals 3332607.00 2377181.00 Jun 2023
Oil Exports 8858.60 8851.70 CAD Million Jun 2023

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
-3731.90 -2680.10 8524.80 -5779.40 1971 - 2023 CAD Million Monthly

News Stream
Canada Trade Gap Wider than Expected
Canada posted a trade deficit of CAD 3.73 billion in June of 2023, larger than market forecasts of CAD 2.90 billion and a downwardly revised gap of CAD 2.68 billion in the prior month. This was the largest deficit since November 2020, as exports slumped 2.2% month-over-month to a near 1-1/2-year low of CAD 60.7 billion, with 9 of the 11 product sections posting declines, primarily unwrought gold, silver and platinum (-18.3%), as well as industrial machinery and parts (-5%). Meanwhile, imports decreased by 0.5% to CAD 64.4 billion in June, after rising by 3% in May, largely on lower acquisitions of energy products (-13%) and pharmaceuticals (-7.2%). Conversely, imports increased for metal and non-metallic mineral products (+12.9%), of which unwrought gold, silver, and platinum group metals, and their alloys (+73.9%), mainly on growth in gold asset transfers within the banking sector.
2023-08-08
Canada Posts Surprise Trade Gap as Imports Surge
Canada posted a trade deficit of CAD 3.44 billion in May of 2023, shifting from a downwardly revised surplus of CAD 0.89 billion in the prior month and against market forecasts of a CAD 1.15 billion surplus. This was the largest deficit since November 2020, as exports slumped by 3.8% over a month to a near 1-1/2-year low of CAD 61.5 billion, mainly due to lower shipments of energy products (-7.3%), notably crude oil (-8.3%) and coal (-14.5%) in large part because of lower prices. Exports also fell sharply for farm, fishing and intermediate food products (-13.4%), especially for wheat and canola. Conversely, imports rose 3% to a four-month high of CAD 65 billion, boosted by acquisitions of metal and non-metallic mineral products (+12.3%), largely unwrought gold, silver, and platinum group metals and their alloys (+42.8%). Purchases also increased solidly for motor vehicles and parts (+4.5%), namely engines and parts (+6.9%) and passenger cars and light trucks (+4.6%).
2023-07-06
Canadian Trade Surplus Widens in April
Canada posted a trade surplus of CAD 1.94 billion in April of 2023, above market forecasts of CAD 0.9 billion and considerably wider than the downwardly revised surplus of CAD 0.23 billion in the previous month. Exports jumped by 2.5% to CAD 64.8 billion amid all-time high trading volumes, supported by a 46% surge in sales of unwrought gold as higher quantities coincided with the upswing in bullion prices for the period. Additionally, exports were considerably higher for energy (4.6%) as higher prices for oil lifted crude exports (7.1%), while sales of motor vehicles and parts advanced by 7.4%. On the other hand, imports fell by 0.2% to CAD 62.9 billion, as lower purchases of energy products (-12.8%) outweighed higher imports of consumer goods (4%).
2023-06-07