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Canada Unexpectedly Posts Trade Deficit in May
Canada posted a trade deficit of CAD 1.39 billion in May of 2021 following a downwardly revised surplus of CAD 0.46 billion in the prior month and against market expectations of a CAD 0.37 billion surplus. Total imports went up 2.1% month-over-month to CAD 50.9 billion, with increases seen in 7 of 11 product sections, driven mostly by purchases of metal & non-metallic minerals (+17.7% to a record CAD 5.3 billion); followed by miscellaneous goods & supplies (+15.1%), and pharmaceutical & medical products (+8.2%). Total exports dropped 1.6% to CAD 49.5 billion, with losses observed across 8 of 11 product sections, significantly weighed down by consumer goods (-8.8%), amid plummeting shipments of prepared & packaged seafood products (-46.5%), as the snow crab fishing season opened earlier and exports began in April rather than May. Major negative contributions also came from sales of motor vehicles & parts (-5.8%), although the current semiconductor chip shortage had a less severe impact.
Published on 2021-07-02

Canada Unexpectedly Posts Trade Surplus in April
Canada posted a trade surplus of CAD 0.59 billion in April of 2021 compared to an upwardly revised deficit of CAD 1.35 billion in the prior month and against market expectations of a CAD 0.7 billion gap. Total imports slumped 4.7% month-over-month to CAD 49.6 billion, the steepest fall since the historic declines of April 2020, on lower purchases of motor vehicles and parts (-22.1%), namely passenger cars and light trucks (-29.7%) and engines and parts (-20.2%) as many auto and parts manufacturers in North America and abroad stopped or slowed production because of the semiconductor chip shortage. Total exports were down 1.0% to CAD 50.2 billion, with 6 of 11 product sections posting declines, primarily motor vehicles and parts (-18.1%), as the ongoing semiconductor chip shortage forced Canadian automakers to reduce or stop production in April, resulting in sharp decreases in exports of passenger cars and light trucks (-21.3%), as well as engines and parts (-15.7%).
Published on 2021-06-08

Canada Unexpectedly Reports Trade Deficit
Canada posted a trade gap of CAD 1.14 billion in March of 2021 compared to an upwardly revised surplus of CAD 1.42 billion in the prior month and against market expectations of a CAD 0.7 billion surplus. It was the first trade shortfall following two consecutive monthly trade surpluses. Total imports rose 5.5% month-over-month to CAD 51.8 billion, the highest level observed since May 2019. All 11 product sections posted increases, primarily energy products (+54.7%) and motor vehicles and parts (+4.6%). Total exports edged up 0.3% to CAD 50.6 billion, and were 14.4% higher than in March 2020. Exports of non-energy products rose 2.0% to CAD 41.2 billion, the highest level since the record observed in May 2019. The largest increases were observed in exports of motor vehicles and parts (+10.2%) and metal ores and non-metallic minerals (+33%).
Published on 2021-05-04

Canada Trade Surplus Narrows in February
Canada’s trade surplus narrowed to CAD 1.04 billion in February of 2021 from a downwardly revised CAD 1.21 billion in the previous month. This was the first time since late 2016 that the trade balance was in a surplus position for two consecutive months. After a surge of 8.2 percent in January, total exports decreased by 2.7 percent to CAD 49.9 billion in February, a level 4.1 percent higher than that set in February 2020. The largest declines were observed in the metal and non-metallic mineral products, motor vehicles and parts, and aircraft and other transportation equipment and parts product sections. Total imports decreased by 2.4 percent in February to CAD 48.8 billion, their lowest level since August 2020. Imports of motor vehicles and parts had the largest decline, followed by energy products.
Published on 2021-04-07

Canada Unexpectedly Posts Trade Surplus
Canada posted a trade surplus of CAD 1.4 billion in January, the first since May 2019, beating market forecasts of a CAD 1.4 billion shortfall. It was also the largest surplus since July 2014, as exports jumped 8.1% to CAD 51.2 billion, the largest percentage increase since the rebound in the summer of 2020 that followed the easing of restrictions following the first wave of the pandemic. Exports of aircraft and other transportation equipment and parts rose 72.3% in January, mainly on atypical growth in aircraft exports, which more than doubled. A Canadian airline retired a large number of aircraft from its fleet in January, resulting in the export of these used airliners to the United States. Imports rose 0.9% to CAD 49.8 billion, with purchases of energy products (+20.5%) posting the largest gain, mainly on higher imports of refined petroleum products (+87.8%).
Published on 2021-03-05

Canada Trade Gap Narrows in December
Canada's trade deficit narrowed to CAD 1.7 billion in December of 2020 from CAD 3.6 billion in November, well below market forecasts of a CAD 3 billion shortfall. It is the lowest trade deficit since June of 2020, as exports rose 1.5% to CAD 47.3 billion, with energy products rising the most. Imports fell 2.3% to CAD 49 billion, the largest decrease since May, mainly because of lower imports of consumer goods. For the year 2020, Canada's trade deficit totalled CAD 36.2 billion, more than double the deficit observed in 2019. Exports fell by 12.3% while imports were down by 8.6%. By comparison, during the last major economic downturn, in 2009, annual merchandise exports dropped 24.6% and imports fell 15.7%.
Published on 2021-02-05

Canada Trade Deficit Narrows More than Expected
Canada’s trade deficit narrowed to CAD 3.34 billion in November of 2020 from a downwardly revised CAD 3.73 billion in the previous month and compared with market expectations of a CAD 3.5 billion gap. Exports increased 0.5% to CAD 46.76 billion, boosted by sales of gold while imports edged down 0.3% to CAD 50.10 billion, on lower imports of industrial machinery, equipment and parts. Canada's trade surplus with the United States narrowed to CAD 2.3 billion from CAD 3.1 billion in October, as exports fell 2.2% while imports edged up 0.3%. The trade deficit with countries other than the United States narrowed to CAD 5.7 billion from CAD 6.9 billion, with exports rising 7.4% and imports falling 1.3%.
Published on 2021-01-07

Canada Trade Deficit Narrows Less Than Expected
Canada’s trade deficit narrowed slightly to CAD 3.76 billion in October 2020 from an upwardly revised CAD 3.82 billion in the previous month and above market expectations of a CAD 3 billion gap. Exports rose 2.2 percent to CAD 46.5 billion, the highest since February, partially on higher exports of pharmaceutical products. Meantime, imports increased at a softer 1.9 percent to CAD 50.23 billion, the highest since October last year in part due to higher imports of cell phones. Canada's trade surplus with the US widened to CAD 3 billion from CAD 1.7 billion in September, as exports went up 2.0 percent while imports dropped 2.3 percent. The trade gap with countries other than the US widened to CAD 6.8 billion from CAD 5.5 billion, with imports rising 9.1 percent and exports climbing 2.7 percent.
Published on 2020-12-04

Canada Trade Deficit Widens More than Expected
Canada’s trade deficit widened slightly to CAD 3.25 billion in September 2020 from an upwardly revised CAD 3.21 billion in the previous month and above markets expectations of a CAD 2.6 billion gap. Exports rose 1.5 percent to CAD 45.54 billion, led by higher sales of lumber (+23 percent) and aircraft (+43.4 percent), and imports increased 1.5 percent to CAD 48.79 billion, boosted by higher purchases of crude oil (87.1 percent). Canada's trade surplus with the US narrowed to CAD 2.0 billion from CAD 2.9 billion in August, as exports fell 1.6 percent to CAD 33.2 billion while imports rose 1.2 percent to CAD 31.2 billion. The trade gap with countries other than the US declined to CAD 5.3 billion from CAD 6.1 billion in the prior month, as exports jumped 10.9% to CAD 12.3 billion, the strongest increase since June 2018, and imports went up at a softer 2.1 percent to CAD 17.6 billion.
Published on 2020-11-04

Canada Trade Gap Narrows Less than Expected
Canada’s trade deficit narrowed to CAD 2.45 billion in August 2020 from an upwardly revised CAD 2.53 billion in the previous month and compared with market forecasts of a CAD 2 billion shortfall. Imports fell 1.2% to CAD 47.38 billion, as 6 out of the 11 sections dropped. This was 5.1% below the level observed in February, the month before the impact of the pandemic. Purchases of aircraft and other transportation equipment & parts (-25.3%) contributed the most to the decline, partly due to aircraft engines & parts (-21.4%) and aircraft (-49.6%). Exports dropped 1% to CAD 44.93 billion, settling 7% lower than February levels. Sales of motor vehicles and parts fell 6.8%, and those of aircraft and other transportation equipment & parts dropped -14.5%. Canada's trade surplus with the US widened to a six-month high of CAD 3.3 billion from CAD 2.5 billion in July, while the trade gap with countries other than the US advanced to CAD 5.8 billion from CAD 5.0 billion.
Published on 2020-10-06

Canada Trade Deficit Widens in July
Canada’s trade deficit widened to CAD 2.45 billion in July 2020 from a downwardly revised CAD 1.59 billion in June and compared with market forecasts of a CAD 2.5 billion shortfall. Imports jumped 12.7% to CAD 47.88 billion and exports rose at a softer 11.1% to CAD 45.4 billion, both boosted by motor vehicles and parts as the auto industry adjusted to the impact of COVID-19 by ramping up production and going through a shorter-than-usual shutdown period in July. Canada's trade surplus with the US increased to CAD 2.9 billion from CAD 2.7 billion in June, as exports rose 15.1% on higher sales of motor vehicles & parts and crude oil, and imports advanced 16.2% due to motor vehicles & parts. Meantime, the trade gap with countries other than the US went up to CAD 5.3 billion from CAD 4.3 billion. Combined, exports and imports have increased 35% since reaching a decade-low in April, leaving them 5% short of pre-pandemic levels, as the economy continues to recover from coronavirus lockdowns.
Published on 2020-09-03

Canada Trade Deficit Widens Sharply in June
Canada’s trade deficit widened to CAD 3.19 billion in June 2020 from an upwardly revised CAD 1.33 billion in May and compared with market expectations of a CAD 0.9 billion gap. Imports jumped 21.8% to CAD 42.9 billion, boosted by motor vehicles & parts, namely passenger cars & light trucks and motor vehicle engines & parts as June was the first full month of production at motor vehicle assembly plants in North America since February. Exports rose 17.1 percent to CAD 39.71 billion, also driven by motor vehicles & parts, in particular passenger cars & light trucks amid the resumption of activities in the automotive industry in Canada which started in mid-May. Canada's trade surplus with the US narrowed to CAD 1.1 billion from CAD 1.9 billion in May, while the trade gap with countries other than the US rose to CAD 4.3 billion from CAD 3.3 billion. On a quarterly basis, Canada's trade deficit increased to CAD 9.4 billion from CAD 8.4 billion in the first three months of the year.
Published on 2020-08-05

Canada Posts Smallest Trade Gap in 6 Months
Canada’s trade deficit narrowed sharply to CAD 0.68 billion in May 2020 from an upwardly revised CAD 4.27 billion in April and compared with market consensus of a CAD 3 billion gap. It was the smallest trade shortfall since November last year, amid the resumption of activities following lockdowns to combat the spread of the coronavirus pandemic. Exports rose 6.7% to CAD 34.6 billion, driven higher sales of motor vehicles and parts (76.2%) as the auto industry resume operations and energy products (14.5%) due to higher crude oil prices. Meanwhile, imports fell 3.9% to an over nine-year low of CAD 35.29 billion, reflecting supply challenges at a time when various economies around the world were progressively re-opening. Canada's trade surplus with the US widened to CAD 2.8 billion in May from CAD 1.2 billion in April, while the trade gap with countries other than the US fell to an over three-year low of CAD 3.5 billion from CAD 5.5 billion.
Published on 2020-07-02

Canada Posts Largest Trade Gap in Over a Year
Canada’s trade deficit widened to CAD 3.25 billion in April 2020 from an upwardly revised CAD 1.53 billion in March and compared with market forecasts of a CAD 2.36 billion shortfall. It was the largest trade gap since February last year, as factories and retail stores shutdowns, falling oil prices and lower demand due to the covid-19, resulted in sharp decreases in exports and imports. Exports slumped 29.7% to an over 10-year low of CAD 32.7 billion, due to lower sales of motor vehicles & parts (-82.9%, the largest decline on record); and energy products (-43.6%, the biggest decline on record). Imports plunged 25.1% to CAD 35.9 billion, the lowest level since 2011, due to purchases of motor vehicles & parts (-77.1%); energy products (-53.6%) and consumer goods (-11.6%, the largest drop since 1988). Canada's trade surplus with the US fell to CAD 2.2 billion from CAD 3.6 billion in March, while the trade gap with countries other than the US rose to CAD 5.4 billion from CAD 5.1 billion.
Published on 2020-06-04

Canada Trade Gap Widens Less than Expected
Canada’s trade deficit widened to CAD 1.4 billion in March 2020 from a downwardly revised CAD 0.89 billion in the previous month and compared with market expectations of a CAD 2 billion gap. In March, Canadian borders remained open for goods, still both imports and exports fell notably, as the coronavirus pandemic started hitting the economy. Exports dropped 4.7% to an over two-year low of CAD 46.3 billion, mainly due to lower sales of passenger cars & light trucks (-9.8%); engines & parts (-28.9%); and energy products (-7.4%). Imports declined 3.5% to CAD 47.7 billion, its lowest since October 2017, due to aircraft & other transportations equipment (-17.1%); motor vehicles (-13.1%); and energy products (-5.2%). Canada's trade surplus with the US narrowed to CAD 3.9 billion from CAD 4 billion in February, as exports fell 4.9% while imports decreased 5.1%. Meantime, the country’s trade gap with countries other than the US went up to CAD 5.3 billion from CAD 4.9 billion.
Published on 2020-05-05

Canada Trade Gap Narrows in February
Canada’s trade deficit narrowed to CAD 0.983 billion in February 2020 from an upwardly revised CAD 1.66 billion in January and compared with market forecasts of a CAD 1.87 billion shortfall. Exports rose 0.5% to CAD 48.3 billion, boosted by higher sales of aircraft and other transportation equipment and parts (+18.5%), namely aircraft (+46.8%); motor vehicles and parts (+3.1%) and non-energy exports (+2.3%). Moderating the overall export increase, energy products fell 7.0% in February. Imports fell 0.8% to a two-year low of CAD 49.3 billion, dragged by energy products (-16%); mainly crude oil. Higher imports of aircraft and other transportation equipment and parts (+27.3%) partially offset the decline in total imports. Canada's trade surplus with the US widened to CAD 3.7 billion from CAD 3.4 billion, as export rose 2.5% while imports went up at a softer 1.7%. Meantime, the country’s trade gap with countries other than the US narrowed to CAD 4.7 billion from CAD 5.0 billion in January.
Published on 2020-04-02

Canada Trade Gap Widens More than Expected in January
Canada’s trade deficit widened to CAD 1.47 billion in January 2020 from an upwardly revised CAD 0.73 billion in December and compared with market forecasts of a CAD 0.83 billion shortfall. Exports fell 2% to CAD 48.1 billion, mostly due to lower sales of motor vehicles (-4.1% to CAD 7.3 billion, its lowest since May 2018), namely passenger cars & light trucks (-8.2%), reflecting longer temporary shutdowns at certain assembly plants and the recent closure of the GM plant. Imports fell 0.5% to CAD49.6 billion, mainly due to pharmaceutical products (-26.1%), in particular antiviral and cancer treatment drugs. Canada's trade surplus with the US narrowed to CAD 3.61 billion from CAD 4.7 billion in December, the smallest since February last year, as export fell 1.7% while imports rose for the 1st time in five months (1.6%). Meantime, the country’s trade gap with countries other than the US fell to CAD 5 billion from CAD 5.4 billion, recording the lowest gap in more than a year.
Published on 2020-03-06

Canada Posts Smallest Trade Gap in Nearly 3 Years
Canada’s trade deficit narrowed to CAD 0.4 billion in December 2019 from an upwardly revised CAD 1.2 billion in November and compared with market forecasts of a CAD 0.6 billion shortfall. It was the smallest trade gap since January 2017, as exports rose 1.9 percent to CAD 49.3 billion, boosted by 18 percent surge in sales of crude oil. Imports increased only 0.2 percent to CAD 49.7 billion, driven by purchases of consumer goods (4%), in particular pharmaceutical product (11.6%); and aircraft and other transportation equipment & parts (19.9%). Canada's trade surplus with the US widened to CAD 5.2 billion from CAD 4.1 billion in November, as export rose 2.9%)and imports fell 0.2%. Meantime, the country’s trade gap with countries other than the US rose to CAD 5.6 billion from CAD 5.3 billion. Considering full 2019, Canada's trade gap totaled CAD 18.3 billion, the smallest deficit since 2014.
Published on 2020-02-05

Canada Trade Gap Smallest in 5 Months
Canada’s trade deficit narrowed to CAD 1.1 billion in November 2019 from an upwardly revised CAD 1.6 billion in October and compare with market expectations of a CAD 1.15 billion gap. It was the smallest trade gap since June last year, as exports dropped 1.4 percent month-over-month to CAD 48.7 billion, dragged by lower shipments of energy products (-7.4 percent). In contrast, higher exports of metal and non-metallic mineral (7.3 percent) and farm, fishing and intermediate food products (9.6 percent) partially offset the decrease in total exports. Exports to the US dropped 3.3 percent in November while those to countries other than the US were up 4.3 percent. Imports to Canada declined 2.4 percent month-over-month to CAD 51.54 billion amid lower imports of aircraft and other transportation equipment and parts (-13.8 percent) and energy products (-7.5 percent). Imports from the US dropped 1.1 percent while those from countries other than the US plunged 4.7 percent.
Published on 2020-01-07

Canada Trade Gap Narrows in October
Canada’s trade deficit narrowed to CAD 1.08 billion in October 2019 from an upwardly revised CAD 1.23 billion in the previous month and compare with market expectations of a CAD 1.37 billion gap. Exports rose 0.8 percent over a month earlier, while imports increased at a softer 0.5 percent mainly due to higher purchases of energy products. The country's trade surplus with the US widened to CAD 5.5 billion in October from CAD 4.6 billion in September, the largest surplus since the financial crisis of 2008.
Published on 2019-12-05