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August 08, 2023CANADA TRADE BALANCE, JUNE 2023 Goods
In June 2023, Canada's international export of goods declined to $60.7 billion (-2.2% from May 2023). Canada’s goods imports also declined, but at a slower rate (-0.5%) in June 2023, falling to $64.4 billion. The international trade deficit in goods widened from $2,680.1 million in May to $3,731.9 million in June. The monthly import decline reflects ongoing decreases in imports of energy products as well as of consumer goods.
Statistics Canada noted that export prices continue to decline and that recent decreases in exports also reflect lower shipments of metals (gold, silver, platinum). Further, Statistics Canada observed that data for the July reference month will include disruptions from a port strike in British Columbia as well as the impacts of severe flooding on rail service in Nova Scotia.
Export of goods to the United States from Canada declined 1.2% to $47.4 billion in June 2023 while imports of goods from the US fell 0.7% to $40.0 billion. Canada's trade surplus in goods with the US narrowed by $306.5 million to $7,421.8 million in June 2023.
Canada's exports of goods to China declined by 27.6% to $1.9 billion in June 2023. Canada's imports of goods from China were up by 3.4% to $5.3 billion. Canada's deficit in goods trade with China widened by $901.8 million to $3,410.5 million.
In June 2023, Canada's exports of goods to the European Union declined by 0.7% to $2.9 billion. Canada's imports of goods from the EU were up 4.6% to $6.4 billion. Canada's deficit in goods trade with the EU widened by $302.5 million to $3,470.9 million.
Services
Canada's international exports of services edged up 0.4% from the previous month to $14.7 billion in June 2023. Canada's imports of services during the same month declined by 0.2% to $15.7 billion. Canada's deficit in international service trade narrowed by $99.0 million to $1,000.0 million.
Goods and services
Canada’s international exports of goods and services declined 1.7% to $75.4 billion in June 2023. Canada's international imports of goods and services decreased by 0.4% to $80.1 billion. Canada's overall international trade deficit in goods and services widened by $954.8 million to $4,732.9 million in June.
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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