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October 05, 2023CANADA TRADE BALANCE, AUGUST 2023 Goods
In August 2023, Canada's international export of goods increased to $64.6 billion (+5.7% from July 2023). Canada’s goods imports increased to $63.8 billion (+3.8%) in August 2023. The international trade deficit in goods changed from a deficit of $437.2 million in July to a surplus of $717.6 million in August 2023.
Statistics Canada noted that exports and imports strong gains followed disruptions in July due to a port strike in British Columbia.
Export of goods to the United States from Canada increased 5.2% to $50.7 billion in August 2023 while imports of goods from the US increased 0.6% to $40.2 billion. Canada's trade surplus in goods with the US widened by $2,262.2 million to $10,446.9 million in August 2023.
Canada's exports of goods to China declined by 0.1% to $2.4 billion in August 2023. Canada's imports of goods from China were up by 18.9% to $4.7 billion. Canada's deficit in goods trade with China widened by $743.5 million to $2,270.5 million.
In August 2023, Canada's exports of goods to the European Union increased by 1.0% to $2.8 billion. Canada's imports of goods from the EU were down 0.1% to $6.2 billion. Canada's deficit in goods trade with the EU narrowed by $30.5 million to $3,456.7 million.
Services
Canada's international exports of services declined 0.7% from the previous month to $15.0 billion in August 2023. Canada's imports of services during the same month increased by 0.7% to $16.4 billion. Canada's deficit in international service trade widened by $218.0 million to $1,461.0 million.
Goods and services
Canada’s international exports of goods and services rose 4.5% to $79.5 billion in August 2023. Canada's international imports of goods and services increased by 3.2% to $80.3 billion. Canada's overall international trade deficit in goods and services narrowed by $936.8 million to $743.4 million in August 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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