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February 08, 2022CANADA TRADE BALANCE, DECEMBER & ANNUAL 2021 GOODS
In December 2021, Canada’s international trade balance in goods returned to a deficit of $137.4 million after a surplus of $2,466.0 million in November.
Canada's international exports of goods declined 0.9% to $57,612.0 million and imports of goods rose 3.7% to $57,749.4 million. Total imports posted the third consecutive month-over-month increase as gains were observed in 8 of the 11 product categories. Imports of electronic and electrical equipment and parts (+16.2%) posted the largest gain in December.
In 2021, Canada's good exports increased 22.0% from the previous year to $637.2 billion. This value of exports exports surpassed the previous record set in 2019 by 7.0%. Higher energy prices played a key role in the 2021 increase. Annual imports reached $630.6 billion in 2021, up 12.2% from 2020. Despite the gains recorded in a large majority of products, some still remained below 2019 levels such as motor vehicle and parts, and energy products.
As a result, Canada's annual trade surplus reached $6.6 billion in 2021. This was the first surplus since 2014 and the largest on record since 2008.
Canada’s goods trade surplus with the United States was $8,106.8 million in December, down from a $9,460.4 million surplus in the previous month. Canada exported $44,283.1 million in goods to the US and imported $36,176.4 million in goods from the US. Compared to November 2021, Canada's exports to the US were down 1.4% while imports from the US rose by 2.1%.
In 2021, Canada had a balance of trade surplus with the US valued at $85.6 billion. Canada's exports to the US increased 27.2% to $477.9 billion while imports from the US were up 12.1% to %392.3 billion in 2021.
Canada's deficit in goods trade with the EU narrowed to $1,947.4 million in December 2021. Compared to November 2021, Canada's exports to the EU increased 13.9% to $2,843.7 million and imports from the EU were up 1.3% to $4,791.0 million.
In 2021, Canada's balance of goods trade deficit with EU was $26.1 billion. Annual exports to the EU declined 37.8% to $30.1 billion while imports from the EU were down 5.6% to $57.0 billion.
Canada reported a deficit of $3,116.7 million in goods trade with China for December 2021. Canada's exports of goods to China declined to $2,104.1 million (-16.6%) in December. Canada's goods imports from China were up 9.3% to $5,220.8 million.
In 2021, Canada's trade deficit with China was $27.5 billion. Annual imports from China increased 14.8% to $56.9 billion and exports to China increased 13.3% to $29.4 billion.
SERVICES
Canada’s services trade recorded a deficit of $476.0 million in December 2021, following a deficit of $256.0 million in November. Services imports were up 2.3% from November to December, rising to $12,243.0 million. Canada's services exports were up 0.4% to $11,767.0 million in December.
In 2021, Canada's balance of trade deficit in services was $1.9 billion, down from a deficit of $5.5 billion in 2020. Canada's services exports increased 3.4% to $130.1 billion while services imports were up 0.5% to $132.0 billion.
GOODS AND SERVICES
Canada's overall trade balance in goods and services returned to a deficit of $613.4 million in December, following a surplus of $2,210.0 million in November. Exports of goods and services were down 0.7% to $69,379.0 million while imports of goods and services were up 3.5% to $69,992.4 million.
In 2021, Canada had an overall (goods and services) trade surplus of $4.7 billion. Canada's goods and service imports were up 10.0% to $762.6 billion while exports of goods and services increased 18.4% to $767.3 billion.
Note: all data are reported on a seasonally adjusted balance of payments basis.
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)