Canada's current account gap narrowed by CAD 10.2 billion to CAD 6.4 billion in the second quarter of 2019 from a downwardly revised CAD 16.6 billion in the previous period and compared with market expectations of a CAD 9.8 billion shortfall. It was the smallest current account gap since Canada returned to a deficit position at the end of 2008, reflecting a much lower deficit on goods. Current Account in Canada averaged -2604.24 CAD Million from 1946 until 2019, reaching an all time high of 12230 CAD Million in the fourth quarter of 2005 and a record low of -20197 CAD Million in the third quarter of 2010.

Canada Current Account
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-29 01:30 PM Current Account Q3 C$-10.3B C$-16.7B C$-11.5B C$ -15.5B
2019-02-28 01:30 PM Current Account Q4 C$-15.5B C$-10.1B C$-13.5B C$-11B
2019-05-30 12:30 PM Current Account Q1 C$-17.35B C$-16.62B C$-18B C$-16.8B
2019-08-29 12:30 PM Current Account Q2 C$-6.38B C$-16.63B C$-9.8B C$-11B
2019-11-28 01:30 PM Current Account Q3 C$-6.38B C$-17B



Canada Current Account Deficit Smallest Since 2008

Canada's current account gap narrowed by CAD 10.2 billion to CAD 6.4 billion in the second quarter of 2019 from a downwardly revised CAD 16.6 billion in the previous period and compared with market expectations of a CAD 9.8 billion shortfall. It was the smallest current account gap since Canada returned to a deficit position at the end of 2008, reflecting a much lower deficit on goods.

The goods deficit decreased by CAD 8.6 billion to CAD 0.3 billion, following a CAD 8.9 billion gap in the previous quarter. Total exports of goods increased by CAD 7.6 billion to CAD 154.1 billion in the prior quarter. Main contributors were energy products (CAD +3.4billion) on higher prices and volumes of crude petroleum, while motor vehicles and parts as well as farm, fishing and intermediate food products also contributed to the increase. Total imports of goods went down by CAD 1.0 billion, following a CAD 3.5 billion increase in the prior quarter. Imports of aircraft and other transport equipment and parts fell CAD 1.9 billion, almost completely offsetting the gain in the first quarter. Higher imports of motor vehicles and parts and energy products moderated the overall reduction in the quarter.

On the geographical basis, the goods surplus with the United States reached CAD 15.9 billion, the highest in over 10 years. Meantime, the goods deficit with non-US countries narrowed by CAD 2.9 billion, mainly on lower deficits with China, the Netherlands and Belgium.

The services deficit narrowed by CAD 0.7 billion to CAD 5.2 billion in the second quarter of 2019, the lowest level since the end of 2011. Exports of services were up by CAD 0.4 billion in the second quarter, while imports declined by CAD 0.3 billion. 

The deficit on primary income, which covers investment income on international assets and liabilities and compensation of employees, declined by CAD 0.9 billion to CAD 0.4 billion. Canada's investment income balance posted a first-ever surplus on the growth of profits earned by Canadian direct investors on their assets abroad.


Statistics Canada | Rafael Gonzalez | rafael.gonzalez@tradingeconomics.com
8/29/2019 1:43:56 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 Current Account

Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). This page provides - Canada Current Account - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Current Account - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-6380.00 -16630.00 12230.00 -20197.00 1946 - 2019 CAD Million Quarterly




Country Last Previous
Argentina -3849.43 Mar/19
Australia 5853.00 Jun/19
Brazil -9034.90 Jul/19
Canada -6380.00 Jun/19
China 570.00 Jun/19
Euro Area 29.84 Jul/19
France 173.00 Jul/19
Germany 22100.00 Jul/19
India -4600.00 Mar/19
Indonesia -8442.80 Jun/19
Italy 8420.80 Jul/19
Japan 1999.92 Jul/19
Mexico 5142.70 Jun/19
Netherlands 18079.00 Mar/19
Russia 12100.00 Jun/19
Saudi Arabia 11518.00 Mar/19
Singapore 21497.50 Jun/19
South Africa -204100.00 Jun/19
South Korea 6949.40 Jul/19
Spain 2050.00 Jun/19
Switzerland 21272.85 Jun/19
Turkey 1158.00 Jul/19
United Kingdom -30045.00 Mar/19
United States -128188.00 Jun/19


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