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September 06, 2023CANADA TRADE BALANCE, JULY 2023 Goods
In July 2023, Canada's international export of goods increased to $60.4 billion (+0.7% from June 2023). Canada’s goods imports declined to $61.4 billion (-5.4%) in July 2023. The international trade deficit in goods narrowed from $4,916.7 million in June to $987.4 million in July.
Statistics Canada noted that imports declined due to lower gold imports and a port strike in British Columbia. Higher exports of aircraft/other transportation equipment/parts and canola were partially offset by decline in gold exports.
Export of goods to the United States from Canada increased 1.5% to $47.4 billion in July 2023 while imports of goods from the US fell 0.6% to $40.0 billion. Canada's trade surplus in goods with the US widened by $947.2 million to $7,381.7 million in July 2023.
Canada's exports of goods to China increased by 31.0% to $2.4 billion in July 2023. Canada's imports of goods from China were down by 27.2% to $3.9 billion. Canada's deficit in goods trade with China narrowed by $2,031.7 million to $1,452.2 million.
In July 2023, Canada's exports of goods to the European Union declined by 7.1% to $2.8 billion. Canada's imports of goods from the EU were down 4.3% to $6.1 billion. Canada's deficit in goods trade with the EU narrowed by $65.3 million to $3,393.2 million.
Services
Canada's international exports of services edged down 0.3% from the previous month to $15.0 billion in July 2023. Canada's imports of services during the same month increased by 1.7% to $16.4 billion. Canada's deficit in international service trade widened by $314.0 million to $1,409.0 million.
Goods and services
Canada’s international exports of goods and services rose 0.5% to $75.4 billion in July 2023. Canada's international imports of goods and services decreased by 4.0% to $77.8 billion. Canada's overall international trade deficit in goods and services narrowed by $3,615.3 million to $2,396.4 million in July 2023.
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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