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. Balance of Trade in Canada averaged 1276.89 CAD Million from 1971 until 2019, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -4962 CAD Million in December of 2018.

Balance of Trade in Canada is expected to be -3000.00 CAD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Canada to stand at -1600.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around 3200.00 CAD Million in 2020, according to our econometric models.

Canada Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-06 12:30 PM Balance of Trade Apr C$-0.97B C$-2.34B C$-2.8B C$-3B
2019-07-03 12:30 PM Balance of Trade May C$0.76B C$-1.08B C$-1.5B C$-1.3B
2019-08-02 12:30 PM Balance of Trade Jun C$0.14B C$0.56B C$-0.3B C$0.3B
2019-09-04 12:30 PM Balance of Trade Jul C$-1.12B C$-0.06B C$-0.4B C$-0.1B
2019-10-04 12:30 PM Balance of Trade Aug C$-1.12B
2019-11-05 01:30 PM Balance of Trade Sep C$ -3B
2019-12-05 01:30 PM Balance of Trade Oct



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 expectations of a CAD 0.4 billion shortfall. Imports rose 1.2 percent while exports dropped 0.9 percent.

Imports increased 1.2 percent over the previous month to CAD 50.9 billion in July, boosted by higher purchases of consumer goods (2.4 percent) in particular pharmaceutical products (+19.7 percent), which hit a record high, as a result of gains in imports from Switzerland and Germany. Additionally, imports of aircraft and other transportation equipment and parts advanced 10.2 percent, namely locomotive cars used to transport crude oil, and parts for armoured vehicles. Also, purchases of metal ores and non-metallic minerals went up 12.6 percent, largely on the strength of other metal ores and concentrates, bauxite and aluminum oxide, and gold driven mainly by increased shipments from Japan and Peru.

Imports from the US rose 1.6 percent and those from countries other than the US advanced 0.5 percent, of which Switzerland (pharmaceutical products) and Belgium (parts for armoured vehicles and pharmaceutical products).

Exports declined 0.9 percent to CAD 49.8 billion, mainly due to lower sales of energy product (-6.7 percent), in particular crude oil (-7.7 percent). In addition, sales of farm, fishing and intermediate food products fell 5.4 percent, mainly as a result of lower wheat exports (-20.9 percent). On the other hand, sales of metal and non-metallic mineral products went up 8.5 percent, with gold exports contributing the most to the gain, on higher sales of refined gold to the US and transfers of gold within the banking sector. Also, exports of unwrought aluminum increased 18.2 percent in July, the first full month after the removal of US tariffs on Canadian aluminum.

Exports to the US fell 1.1 percent and those to countries other than the US edged down 0.3 percent, mostly to China (metal ores and pork).

The country's trade surplus with the US narrowed to CAD 4.6 billion from CAD 5.5 billion in the previous month.



Statistics Canada | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/4/2019 12:50:34 PM



Canada Trade Last Previous Highest Lowest Unit
Balance of Trade -1124.40 -54.70 8524.80 -4962.00 CAD Million [+]
Current Account -6380.00 -16630.00 12230.00 -20197.00 CAD Million [+]
Current Account to GDP -2.60 -2.80 2.70 -4.20 percent [+]
Imports 50888.20 50278.20 52400.10 1112.00 CAD Million [+]
Exports 49763.80 50223.50 52869.70 1366.00 CAD Million [+]
External Debt 2736179.00 2684119.00 2736179.00 795408.00 CAD Million [+]
Terms of Trade 92.00 91.50 108.50 79.10 Index Points [+]
Foreign Direct Investment 21668.00 12022.00 50326.00 -8640.00 CAD Million [+]
Capital Flows 0.00 -89.00 4632.00 -672.00 CAD Million [+]
Gold Reserves 0.00 0.00 46.20 0.00 Tonnes [+]
Crude Oil Production 4184.00 4331.00 4520.00 955.00 BBL/D/1K [+]
Terrorism Index 3.53 2.96 3.53 0.65 [+]
Tourist Arrivals 4712926.00 3889172.00 7006165.00 1138895.00 [+]
Weapons Sales 84.00 64.00 473.00 38.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Canada Balance of Trade

Between 1970 and 2008 Canada had been recording trade surpluses every year. From 2009 the trade balance shifted to deficit, with an exception of 2011 and 2014. In 2018, the largest trade deficits were recorded with China, Germany and Mexico, while the biggest trade surpluses were recorded with the US, the UK and Norway. 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 - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-1124.40 -54.70 8524.80 -4962.00 1971 - 2019 CAD Million Monthly




Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia 85.10 Aug/19
Italy 7630.87 Jul/19
Japan -136.30 Aug/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 3787.85 Aug/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 1152.71 Aug/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19


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