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March 07, 2024CANADA TRADE BALANCE, JANUARY 2024 Goods
In January 2024, Canada's international export of goods declined to $62.3 billion (-1.7% from December). Canada’s goods imports declined to $61.8 billion (-3.8%). As imports fell faster than exports, Canada's trade balance changed from a $862 million deficit in December to a $496 million surplus in January 2024.
Imports declined in 7 of 11 product sections led by declines in consumer goods, motor vehicles and parts, and metal and non-metallic mineral products. Exports declined in 8 of 11 product sections led by declines in metal and non-metallic mineral products and aircraft and other transportation equipment and parts.
In real terms (volume of merchandise) imports were down 4.1% while exports were down 1.8%.
Export of goods to the United States from Canada decreased 1.0% to $48.1 billion in January 2024 while imports of goods from the US decreased 1.7% to $39.4 billion. Canada's trade surplus in goods with the US widened by $215 million to $8.8 billion in January 2024.
Canada's exports of goods to China fell 6.2% to $2.4 billion in January 2024. Canada's imports of goods from China were down 10.5% to $4.5 billion. Canada's deficit in goods trade with China narrowed by $368 million to $2.1 billion.
In January 2024, Canada's exports of goods to the European Union decreased by 3.9% to $2.7 billion. Canada's imports of goods from the EU fell 2.0% to $5.9 billion. Canada's deficit in goods trade with the EU narrowed by $11.4 million to $3.2 billion.
Services
Canada's international exports of services fell 1.6% from the previous month to $17.0 billion in January 2024. Canada's imports of services increased by 1.5% to $18.3 billion. Canada's deficit in international service trade widened by $553 million to $1.3 billion.
Goods and services
Canada’s international exports of goods and services declined 1.7% to $79.3 billion in January 2024. Canada's international imports of goods and services decreased by 2.6% to $80.1 billion. Canada's overall international trade balance narrowed from $1.6 billion in December to $779 million in January 2024.
Source: Statistics Canada, Table 12-10-0011-01 International merchandise trade for all countries and by Principal Trading Partners, monthly (x 1,000,000); Table 12-10-0121-01 International merchandise trade by commodity, monthly (x 1,000,000); Table 12-10-0144-01 International trade in services, monthly (x 1,000,000)
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