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May 02, 2024CANADA TRADE BALANCE, MARCH 2024 Goods
In March 2024, Canada's international export of goods fell to $62.8 billion (-5.3% from February). Canada’s goods imports decreased to $64.8 billion (-1.2%). As imports fell slower than exports, Canada's trade surplus of $476.0 million in February 2024 fell to a deficit of $2,276.7 million in March 2024.
Exports fell in 9 of 11 product sections, with more than half of the monthly variation in exports due to a sharp fall in exports of unwrought gold. Excluding unwrought gold, exports were up 2.2%. Imports were down for 7 of 11 product sections. Imports of unwrought gold, silver, and platinum group metals, and their alloys grew +77.2%, the largest increase in part because of higher prices.
In real terms (volume of merchandise) exports fell 4.7% while imports declined 1.2%.
Export of goods to the United States from Canada decreased 5.0% to $47.2 billion in March 2024 while imports of goods from the US decreased 1.1% to $40.1 billion. Canada's trade surplus in goods with the US declined by $2,012.0 million to $6.5 billion in March 2024.
Canada's exports of goods to China fell 6.0% to $2.4 billion in March 2024. Canada's imports of goods from China were up 2.9% to $5.4 billion. Canada's deficit in goods trade with China widened by $305.4 million to $3.0 billion.
In March 2024, Canada's exports of goods to the European Union fell by 1.8% to $2.7 billion. Canada's imports of goods from the EU grew 2.5% to $6.2 billion. Canada's deficit in goods trade with the EU widened by $202.5 million to $3.5 billion.
Services
Canada's international exports of services fell 2.0% from the previous month to $16.9 billion in March 2024. Canada's imports of services decreased by 1.4% to $17.9 billion. Canada's deficit in international service trade grew by $81.0 million to $0.99 billion.
Goods and services
Canada’s international exports of goods and services decreased 4.6% to $79.5 billion in March 2024. Canada's international imports of goods and services fell by 1.2% to $82.7 billion. Canada's overall international trade balance deficit grew to $3.3 billion in March 2024.
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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