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.
Balance of Trade in Canada averaged 1208.43 CAD Million from 1971 until 2020, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -4953.10 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 2020. source: Statistics Canada
Balance of Trade in Canada is expected to be -1750.00 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 -1100.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around -500.00 CAD Million in 2021 and 200.00 CAD Million in 2022, according to our econometric models.