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March 08, 2023CANADA TRADE BALANCE, JANUARY 2023 GOODS
In January 2023, Canada's international export of goods increased to $67.0 billion (+4.2% from December 2022). Canada’s goods imports also increased (+3.1%) in January 2023 to $65.1billion. The international trade surplus in goods widened by $737.2 million from December 2022 to January 2023, increasing to $1.92 billion.
Export of goods to the United States from Canada increased 3.3% to $50.3 billion in January 2023 while imports of goods from the US grew 2.3% to $41.3 billion. Canada's trade surplus in goods with the US increased by $667.4 million to $9.03 billion in January 2023.
Canada's exports of goods to China increased 20.7% to $3.0 billion in January 2023. Canada's imports of goods from China fell 1.2% to $5.2 billion. Canada's deficit in goods trade with China narrowed by $579.5 million to $2.18 billion.
In January 2023, Canada's exports of goods to the European Union decreased by 6.4% to $3.0 billion. Canada's imports of goods from the EU were up 11.1% to $6.3 billion. Canada's deficit in goods trade with the EU widened by $842.2 million to $3.32 billion.
SERVICES
Canada's international exports of services decreased 1.3% to $14.0 billion in January 2023. Canada's imports of services during the same month increased 5.2% to $16.3 billion. Canada's deficit in international service trade increased by $996.0 million to $2.30 billion.
GOODS AND SERVICES
Canada’s international exports of goods and services increased 3.2% to $81.1 billion in January 2023. Canada's international imports of goods and services rose by 3.5% to $81.4 billion. Canada's overall international trade balance in goods and services narrowed by $258.8 million to $0.38 billion.
Note: all data are reported on a seasonally adjusted balance of payments basis.
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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