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August 06, 2024CANADA TRADE BALANCE, JUNE 2024 Month-over-month (June 2024 vs May 2024)
In June 2024, Canada's international exports of goods increased to $66.6 billion (+5.5% from May). Canada’s goods imports rose to $66.0 billion (+1.9%). As exports rose more rapidly than imports, Canada's goods trade deficit of $1.61 billion in May 2024 turned to a surplus of $638.3 million in June 2024.
Canada's international exports of services were up 0.6% from the previous month, rising to $17.2 billion in June 2024. Canada's imports of services increased by 1.6% to $18.3 billion. Canada's deficit in international service trade widened from $953.0 million to $1.14 billion.
Canada’s combined international exports of goods and services increased 4.4% to $83.8 billion in June 2024 while imports of goods and services rose by 1.8% to $84.3 billion. Canada's overall international trade deficit narrowed from $2.56 billion in May to $500.7 million in June 2024.
Exports of goods from Canada to the United States increased 2.6% to $50.7 billion in June 2024 while imports of goods from the US rose 1.7% to $41.3 billion. Canada's trade surplus in goods with the US expanded by $593.8 million to $9.4 billion in June 2024.
Canada's exports of goods to China increased by 1.1% to $2.5 billion in June 2024. Canada's imports of goods from China rose 4.7% to $5.4 billion. Canada's deficit in goods trade with China widened by $215.2 million to $2.90 billion.
In June 2024, Canada's exports of goods to the European Union rose by 27.0% to $2.9 billion. Canada's imports of goods from the EU rose 5.0% to $6.1 billion. Canada's deficit in goods trade with the EU narrowed by $320.9 million to $3.24 billion.
Year-over-year (June 2024 vs June 2023)
Compared with the same month in 2023:
- Canada's international exports of goods rose 10.1% (+6.13 billion) while Canada’s goods imports rose 1.0% (+$637.5 million). As exports rose more rapidly than imports, Canada's goods trade balance increased by $5.50 billion and changed from deficit to surplus.
- Canada's international exports of services were up 4.3% (+$714.0 million) while Canada's imports of services increased by 6.4% (+$1.10 billion). With imports rising faster than exports, Canada's trade deficit in services widened by $385.0 million.
- Canada’s combined international exports of goods and services increased 8.9% (+$6.85 billion) while imports of goods and services rose by 2.1% (+$1.74 billion). Canada's overall international trade deficit narrowed by $5.1 billion.
- Exports of goods from Canada to the United States increased 7.4% (+$3.50 billion) while imports of goods from the US rose 1.5% (+$611.0 million). Canada's trade surplus in goods with the US expanded by $2.89 billion.
- Canada's exports of goods to China rose by 39.7% (+$723.7 million). Canada's imports of goods from China were up 1.9% (+$100.8 million). Canada's deficit in goods trade with China narrowed by $622.9 million.
- Canada's exports of goods to the European Union contracted by 1.5% (-$45.4 million). Canada's imports of goods from the EU declined 4.1% (-$262.5 million). Canada's deficit in goods trade with the EU narrowed by $217.0 million.
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 12-10-0144-01 International trade in services, monthly (x 1,000,000)
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