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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

Canada Trade Gap Narrows in September
Canada’s trade deficit decreased to CAD 0.98 billion in September 2019 from an upwardly revised CAD 1.24 billion in the previous month and compared with market expectations of a 0.7 billion shortfall. Imports fell at a quicker 1.7 percent month-over-month, on fewer metal and non-metallic mineral product acquisitions, particularly gold. Meantime, exports decreased 1.3 percent, led by energy products, mostly crude and also gold.
Published on 2019-11-05

Canada Trade Gap Narrows in August
Canada’s trade gap decreased to CAD 0.96 billion in August 2019 from an upwardly revised CAD 1.38 billion in the previous month and against market expectations of a CAD 1.0 billion gap. Canada's trade surplus with the United States widened from CAD 4.4 billion in July to CAD 4.9 billion in August.
Published on 2019-10-04

Canada Trade Gap Widens in July
Canada’s trade deficit widened to CAD 1.12 billion in July 2019 from a downwardly revised CAD 0.06 billion in the previous month and compared with market forecasts of a CAD 0.4 billion shortfall. Imports rose 1.2 percent while exports dropped 0.9 percent. The country's trade surplus with the US narrowed to CAD 4.58 billion from CAD 5.52 billion in the previous month.
Published on 2019-09-04

Canada Trade Surplus Narrows in June
Canada’s trade surplus decreased to CAD 0.14 billion in June 2019 from a downwardly revised CAD 0.56 billion in the previous month and against market expectations of a CAD 0.3 billion gap. It was the third trade surplus since December 2016, as exports were down 5.1 percent, while imports fell at a softer 4.3 percent, both due in part to significant decreases in crude oil, as well as aircraft and other transportation equipment and parts.
Published on 2019-08-02

Canada Trade Balance Swings to Surplus in May
Canada’s trade balance shifted to CAD 0.76 billion surplus in May 2019 from an upwardly revised CAD 1.08 billion in the previous month and compared with market expectations of a CAD 1.5 billion gap. It was the second trade surplus since December 2016, as exports rose 4.6 percent to a record high driven by motor vehicles and imports increased at a slower 1 percent mainly due to aircraft. Exports to the US went up 3.7 percent to an all-time high of CAD 39.3 billion.
Published on 2019-07-03