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February 07, 2024CANADA TRADE BALANCE, DECEMBER AND ANNUAL 2023 Goods
In December 2023, Canada's international export of goods edged down to $64.1 billion (-1.9% from November). Canada’s goods imports increased to $64.4 billion (+0.2%). Due to the decline in exports and increase in imports, the international goods trade balance switched from a surplus of $1.06 billion in November to a deficit of $0.31 billion in December 2023.
Despite declines in 8 of the 11 product sections, imports edged up led by record high monthly gains in consumer goods. There were notable increases in imports of pharmaceutical products, clothing, footwear and accessories, miscellaneous goods and supplies, and alcoholic beverages in December.
In real terms (volume of merchandise) imports were up 1.3% while exports were down 0.4%.
Export of goods to the United States from Canada decreased 3.4% to $49.4 billion in December 2023 while imports of goods from the US increased 0.7% to $40.1 billion. Canada's trade surplus in goods with the US narrowed by $1.99 billion to $9.22 billion in December 2023.
Canada's exports of goods to China fell 3.6% to $2.5 billion in December 2023. Canada's imports of goods from China were down 1.4% to $5.1 billion. Canada's deficit in goods trade with China widened by $21 million to $2.52 billion.
In December 2023, Canada's exports of goods to the European Union increased by 4.7% to $2.8 billion. Canada's imports of goods from the EU fell 3.3% to $6.0 billion. Canada's deficit in goods trade with the EU narrowed by $333 million to $3.21 billion.
Services
Canada's international exports of services rose 1.3% from the previous month to $16.9 billion in December 2023. Canada's imports of services increased by 0.3% to $17.6 billion. Canada's deficit in international service trade narrowed by $178 million to $0.71 billion.
Goods and services
Canada’s international exports of goods and services declined 1.3% to $80.9 billion in December 2023. Canada's international imports of goods and services increased by 0.2% to $82.0 billion. Canada's overall international trade balance switched from a surplus of $172 million to a deficit of $1.02 billion in December 2023.
ANNUAL GOODS
In 2023, Canada’s export of goods decreased 1.4% to $768.7 billion while imports of goods rose 1.4% to $770.1 billion. The overall international trade balance switched from a surplus of $19.7 billion in 2022 to a deficit of $1.4 billion in 2023.
Canada’s trade with the US showed a decrease in exports of 0.3% to $593.2 billion and an increase in imports of 2.3% to $484.2 billion. The trade surplus with the US in 2023 narrowed by $12.6 billion to $109.0 billion.
Canada’s exports to China increased 5.9% to $31.0 billion in 2023 and imports from China decreased 13.6% to $60.2 billion. The goods trade deficit with China narrowed by $11.2 billion to $29.2 billion.
Exports to European Union in 2023 decreased 5.5% to $34.4 billion and imports increased 7.9% to $74.6 billion. The goods trade deficit widened by $7.4 billion to $40.2 billion.
ANNUAL SERVICES
In 2023, Canada has exported more services internationally (+12.7%) than the previous year. Canada’s international service imports also increased, up 10.6% year-over-year. The international service deficit narrowed by $1.9 billion to $14.1 billion.
ANNUAL GOODS AND SERVICES
International exports of goods and services increased 1.2% in 2023, and imports of goods and services increased 3.2%, leading to a negative trade balance of goods and services of $15.5 billion compared to a surplus of $3.7 billion in 2022.
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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