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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 05, 2024
CANADA TRADE BALANCE, OCTOBER 2024

Month-over-month (October 2024 vs September 2024)

In October 2024, Canada's international exports of goods rose to $64.2 billion (+1.1% from September). Canada’s goods imports rose to $65.1 billion (+0.5%). As imports grew slower than exports, Canada's goods trade deficit narrowed by $376.4 million to -$924 million in October 2024.                                                               

Canada's international exports of services increased by $127 million (+0.7%) from the previous month to $18.3 billion in October 2024. Canada's imports of services increased by $358 million (+2.0%) to $18.4 billion. Canada's balance in international service trade deteriorated by $232 million, moving from a surplus of $155 million in September to a deficit of $77 million in October 2024.

Canada’s combined international exports of goods and services increased 1.0% to $82.5 billion in October 2024 while imports of goods and services rose 0.8% to $83.5 billion. Canada's overall international trade deficit narrowed by $144 million to $1.0 billion in October 2024.

Exports of goods from Canada to the United States declined 2.8% to $46.7 billion in October 2024 while imports of goods from the US rose 1.1% to $40.5 billion. Canada's trade surplus in goods with the US narrowed by $1.8 billion to $6.2 billion in October 2024.

Canada's exports of goods to China increased by 12.2% to $2.9 billion in October 2024. Canada's imports of goods from China fell 0.5% to $5.0 billion. Canada's deficit in goods trade with China narrowed by $335 million to $2.1 billion.

In October 2024, Canada's exports of goods to the European Union grew by 18.5% to $3.5 billion. Canada's imports of goods from the EU fell 5.8% to $5.9 billion. Canada's deficit in goods trade with the EU narrowed by $923 million to $2.4 billion.

Year-over-year (October 2024 vs October 2023)

Compared with the same month in 2023:

  • Canada's international exports of goods declined 2.6% (-$1.7 billion) while Canada’s goods imports rose 2.6% (+$1.7 billion). As imports rose while exports fell, Canada's goods trade balance shifted from a surplus of $2.5 billion in October 2023 to a deficit of $924 million in October 2024.
  • Canada's international exports of services were up 0.8% (+$152 million) while Canada's imports of services increased by 3.0% (+$536 million). Canada's services trade surplus of $308 million in October 2023 turned to a deficit of $385 million in October 2024. 
  • Canada’s combined international exports of goods and services dropped 1.9% (-$1.6 billion) while imports of goods and services rose by 2.7% (+$2.2 billion). Canada's overall international trade balance deteriorated by $3.8 billion, moving from a $2.8 billion surplus in October 2023 to a $1.0 billion deficit in October 2024.
  • Exports of goods from Canada to the United States decreased 8.0% (-$4.0 billion) while imports of goods from the US rose 1.9% (+$762 million). Canada's trade surplus in goods with the US contracted by $4.8 billion.
  • Canada's exports of goods to China rose by 8.6% (+$227 million). Canada's imports of goods from China were up 2.5% (+$122 million). Canada's deficit in goods trade with China narrowed by $106 million.
  • Canada's exports of goods to the European Union rose by 13.8% (+$431 million). Canada's imports of goods from the EU were down 6.4% (-$405 million). Canada's deficit in goods trade with the EU narrowed by $836 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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