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January 07, 2020CANADA TRADE BALANCE, NOVEMBER 2019 GOODS
In November 2019, Canada's deficit in goods trade narrowed to $1.1 billion (balance of payment basis, seasonally adjusted). Imports of goods were down 2.4 per cent from October to November, falling to $49.8 billion. Compared with November 2018, Canada's goods imports were down 0.3 per cent. Exports of goods fell by 1.4 per cent from October to November, declining to $48.7 billion. Compared with November 2018, Canada's goods exports were up 1.9 per cent.
In the period Jan-Nov 2019, the year-to-date Canadian goods trade deficit was $16.9 billion. Year-to-date goods exports were valued at $546.7 billion and year-to-date goods imports were valued at $563.7 billion.
In November 2019, the Canadian goods trade surplus with the US (balance of payment basis, seasonally adjusted), surplus with the United States narrowed to $4.2 billion. Canadian goods exports to the US declined 3.3 per cent in the last month to $36.1 billion while Canadian imports of goods from the US declined by 1.1 per cent to $31.9 billion.
In November 2019, the Canadian goods trade deficit with China narrowed to $1.9 billion (balance of payment basis, seasonally adjusted). Compared with October, Canadian goods exports to China increased 4.3 per cent to $1.7 billion while Canadian imports of goods from China declined by 5.1 per cent to $3.6 billion.
In November 2019, the Canadian goods trade deficit with the European Union narrowed to $0.8 billion (balance of payment basis, seasonally adjusted). Canadian exports of goods to the EU increased by 13.2 per cent to $4.8 billion while imports of European goods declined 0.4 per cent to $5.7 billion.
SERVICES
Statistics Canada now produces estimates of Canada's trade in services. Services are categorized into: commercial services, travel services, transportation services and government services.
In November 2019, Canada's deficit in services trade widened to $1.5 billion (balance of payment basis, seasonally adjusted). Services imports were up 1.0 per cent from October to November, rising to $13.0 billion. Compared with November 2018, Canada's service imports were up 1.9 per cent. Exports of services rose by 0.1 per cent from October to November, reaching $11.5 billion. Compared with November 2018, Canada's service exports were up 7.1 per cent.
In the period Jan-Nov 2019, the year-to-date Canadian service trade deficit was $17.5 billion. Year-to-date service exports were valued at $123.5 billion and year-to-date service imports were valued at $141.0 billion.
GOODS & SERVICES
With new data on Canada's trade in services, an overall balance of trade can be calculated, summing the value of goods and services.
In November 2019, Canada's overall trade deficit narrowed to $2.6 billion (goods+services, balance of payment basis, seasonally adjusted). Imports of goods and services were down 1.7 per cent from October to November, falling to $62.8 billion. Compared with November 2018, Canada's imports of goods and services were up 0.1 per cent. Exports of goods and services fell by 1.1 per cent from October to November, declining to $60.2 billion. Compared with November 2018, Canada's exports of goods and services were up 2.9 per cent.
In the period Jan-Nov 2019, the year-to-date Canadian goods and services trade deficit was $34.5 billion. Year-to-date goods and service exports were valued at $670.2 billion and year-to-date goods and service imports were valued at $704.7 billion.
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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