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February 05, 2020CANADA TRADE BALANCE, DECEMBER AND ANNUAL 2019 GOODS
In December 2019, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), deficit $369.5 millions. Exports are up 1.9% to $49.3 billion over November 2019, and are up 6.4% over December 2018. Imports are up 0.2% to $49.7 billion over November 2019, and are down 3.2% over December 2018.
In 2019, Canada's goods trade deficit was $18.3 billion. Annual goods exports were valued at $594.9 billion and imports were valued at $613.2 billion.
In December 2019, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), surplus with the United States widened to $5.2 billion, compared with $4.1 billion in November 2019. Canadian goods exports to the US increased 2.9 per cent to $36.9 billion while imports fell 0.2 per cent to $31.7 billion.
In 2019, Canada had a balance of trade surplus in goods with the US valued at $51.6 billion, up from $41.7 billion in 2018. Annual exports increased 2.5 per cent to $443.3 billion while annual imports increased 0.2 per cent to $391.8 billion.
In December 2019, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), deficit with China narrowed to $1.9 billion. This is down from a deficit of $2.0 billion in November 2019. Canada's good exports to China increased 18.6 per cent to $2.0 billion while Canada's goods imports from China increased 6.2 per cent to $3.9 billion.
In 2019, Canada's deficit in goods trade with China increased to $22.4 billion. This is up from a deficit of $17.3 billion in 2018. Canada's imports of goods from China were up 1.0 per cent to $46.8 billion while Canada's exports of goods to China were down 16.0 per cent to $24.4 billion.
In December 2019, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), deficit with the European Union widened to $1.3 billion. The goods trade deficit with the EU was $0.9 billion in November. Canada's imports of goods from the EU increased 3.7 per cent to $5.9 billion in December while goods exports fell 5.2 per cent to $4.5 billion.
In 2019, Canada's balance of goods trade deficit with the EU narrowed to $16.3 billion, compared with $17.3 billion in 2018. Annual goods imports from the EU were up 3.9 per cent to $66.1 billion while Canada's goods exports to the EU were up 7.7 per cent to $49.8 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 December 2019, Canada's deficit in services trade narrowed to $1.3 billion (balance of payment basis, seasonally adjusted) compared with a deficit of $1.5 billion in November. Services imports were down 0.7 per cent from November to December to $12.8 billion while service exports were up 0.6 per cent to $11.5 billion.
In 2019, Canada's balance of trade deficit in services narrowed from $21.4 billion to $18.9 billion. Canada's service imports increased 2.7 per cent to $153.6 billion in 2019 while service exports increased 5.2 per cent to $134.8 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 December 2019, Canada's overall trade deficit narrowed to $1.7 billion (goods+services, balance of payment basis, seasonally adjusted), compared to a deficit of $2.7 billion in November. Imports of goods and services were up 0.04 per cent from November to December, rising slightly to $62.5 billion. Exports of goods and services increased by 6.4 per cent from November to December, rising to $60.8 billion.
In 2019, Canada had an overall (goods and services) trade deficit of $37.1 billion. This is narrower than the deficit of $43.6 billion observed in 2018. Canada's goods and service imports were up 1.3 per cent to $766.8 billion while exports of goods and services were up 2.3 per cent to $729.6 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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