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March 05, 2021CANADA TRADE BALANCE, JANUARY 2021 GOODS
Canada’s balance of trade in goods (balance of payment basis) posted a surplus of $1.405.4 million in January 2021. This was the first surplus since May 2019 and was primarily due to the increase seen in merchandise exports (+8.1%). Statistics Canada noted that January’s surplus was also the largest since July 2014.
Canada exported $51,185.0 million worth of goods in January, up 8.1% from December 2020. Majority of the increase in the value of exports was driven by price growth. According to Statistics Canada, this was the largest month-over-month growth since August 1995 excluding the strong fluctuations seen in 2020.
Canada imported $49,779.3 million worth of goods in January 2021. When compared to December 2020, imports increased 0.9% following two consecutive months of declines.
Canada’s goods trade surplus with the United States stood at $6,168.0 million in January 2021, up $3,657.0 million from a surplus of $2,511.0 million in December. When compared to February 2020, Canada’s goods exports to the US were up 3.3% while goods imports from the US were down 4.7%.
In January 2021, Canada’s goods trade deficit with the European Union was $2,038.0 million, down $2,105.1 million from a surplus of $68.0 million reported in December 2020. Canada’s goods exports to the EU in January were down 37.2% from February 2020 while goods imports from the EU declined 11.7%.
Canada’s goods trade deficit with China was $1,998.0 million in January 2021, down $73.3 million from a deficit of $2,071.0 million reported in December 2020. When compared to February 2020, Canada’s goods exports to China increased 36.4% while goods imports from China was up 39.1%.
SERVICES
Canada’s services trade (balance of payment basis, seasonally adjusted) recorded a deficit of $236.0 million in January 2021. This was $203.0 million higher from a deficit of $33.0 million recorded in December 2020. Services imports were up 2.7% to $9,489.0 million and services exports were up 0.5% to $9,253.0 million.
When compared to February 2020, Canada’s exports of services were down 14.7% while imports of services were down 31.9%.
GOODS & SERVICES
Canada’s overall trade balance reported a surplus of $1,169.4 million in January 2021, recording an increase of $3,185.8 million from a deficit of $2,016.4 million reported in December 2020. Imports of goods and services increased 1.1% to $59,268.3 million from the previous month. Exports of goods and services were up 6.8% month-over-month to $60,437.7 million.
Compared to February 2020, Canada’s exports of goods and services were up 2.4% while imports of goods and services declined 7.4%.
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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