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April 04, 2024CANADA TRADE BALANCE, FEBRUARY 2024 Goods
In February 2024, Canada's international export of goods rose to $66.6 billion (+5.8% from January). Canada’s goods imports increased to $65.2 billion (+4.6%). As imports grew slower than exports, Canada's trade surplus grew from $608.3 million in January to $1,391.6 million in February 2024.
Exports rose in 9 of 11 product sections, with more than half of the monthly growth in exports due to a sharp rise in exports of unwrought gold. Excluding unwrought gold, exports were up 2.8%. Imports were up for all product sections except metal and non-metallic mineral products.
In real terms (volume of merchandise) exports grew 6.2% while imports grew 4.1%.
Export of goods to the United States from Canada increased 3.3% to $50.2 billion in February 2024 while imports of goods from the US increased 3.4% to $41.1 billion. Canada's trade surplus in goods with the US widened by $267.5 million to $9.1 billion in February 2024.
Canada's exports of goods to China rose 7.6% to $2.6 billion in February 2024. Canada's imports of goods from China were up 12.9% to $5.0 billion. Canada's deficit in goods trade with China widened by $394.5 million to $2.5 billion.
In February 2024, Canada's exports of goods to the European Union fell by 0.2% to $2.7 billion. Canada's imports of goods from the EU grew 1.6% to $6.0 billion. Canada's deficit in goods trade with the EU widened by $100.6 million to $3.3 billion.
Services
Canada's international exports of services grew 1.9% from the previous month to $17.4 billion in February 2024. Canada's imports of services increased by 0.8% to $18.4 billion. Canada's deficit in international service trade narrowed by $178 million to $1.0 billion.
Goods and services
Canada’s international exports of goods and services increased 5.0% to $84.0 billion in February 2024. Canada's international imports of goods and services rose by 3.7% to $83.6 billion. Canada's overall international trade balance changed from a $594.7 million deficit in January to a $366.6 million surplus in February.
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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