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

January 07, 2025
CANADA TRADE BALANCE, NOVEMBER 2024

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

In November 2024, Canada's international exports of goods rose to $66.1 billion (+2.2% from October). Canada’s goods imports rose to $66.4 billion (+1.8%). As imports grew slower than exports, Canada's goods trade deficit narrowed by $221 million to $323 million in November 2024.                                                               

Canada's international exports of services decreased by $39 million (-0.2%) from the previous month to $18.2 billion in November 2024. Canada's imports of services decreased by $26 million (-0.1%) to $18.5 billion. Canada's international service trade deficit deteriorated by $13 million to $319 million in November 2024.

Canada’s combined international exports of goods and services increased 1.7% to $84.3 billion in November 2024 while imports of goods and services rose 1.4% to $84.9 billion. Canada's overall international trade deficit narrowed by $208 million to $642 million in November 2024.

Exports of goods from Canada to the United States rose 6.8% to $50.4 billion in November 2024 while imports of goods from the US rose 4.1% to $42.2 billion. Canada's trade surplus in goods with the US expanded by $1.6 billion to $8.1 billion in November 2024.

Canada's exports of goods to China decreased by 5.9% to $2.6 billion in November 2024. Canada's imports of goods from China fell 3.4% to $4.9 billion. Canada's deficit in goods trade with China narrowed by $8 million to $2.2 billion.

In November 2024, Canada's exports of goods to the European Union fell by 15.7% to $3.0 billion. Canada's imports of goods from the EU fell 1.6% to $5.7 billion. Canada's deficit in goods trade with the EU widened by $470 million to $2.7 billion.

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

Compared with the same month in 2023:

  • Canada's international exports of goods increased 1.6% (+$1.0 billion) while Canada’s goods imports rose 2.9% (+$1.9 billion). As imports rose faster than exports, Canada's goods trade balance shifted from a surplus of $491 million in November 2023 to a deficit of $323 million in November 2024.
  • Canada's international exports of services were down 1.5% (-$275 million) while Canada's imports of services increased by 2.1% (+$373 million). Canada's services trade surplus of $329 million in November 2023 turned to a deficit of $319 million in November 2024. 
  • Canada’s combined international exports of goods and services increased by 0.9% (+$763 million) while imports of goods and services rose by 2.7% (+$2.2 billion). Canada's overall international trade balance deteriorated by $1.5 billion, moving from a $821 million surplus in November 2023 to a $642 million deficit in November 2024.
  • Exports of goods from Canada to the United States edged down 0.2% (-$114 million) while imports of goods from the US rose 5.0% (+$2.0 billion). Canada's trade surplus in goods with the US contracted by $2.1 billion.
  • Canada's exports of goods to China fell by 5.0% (-$137 million). Canada's imports of goods from China were down 5.2% (-$264 million). Canada's deficit in goods trade with China narrowed by $127 million.
  • Canada's exports of goods to the European Union rose by 10.1% (+$277 million). Canada's imports of goods from the EU were down 7.3% (-$452 million). Canada's deficit in goods trade with the EU narrowed by $729 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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