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July 03, 2024CANADA TRADE BALANCE, MAY 2024 Month-over-month (May 2024 vs April 2024)
In May 2024, Canada's international exports of goods decreased to $62.4 billion (-2.6% from April). Canada’s goods imports decreased to $64.4 billion (-1.6%). As exports fell more rapidly than imports, Canada's trade deficit of $1,323.1 million in April 2024 widened to $1,926.8 million in May 2024.
Canada's international exports of services were up 0.5% from the previous month, rising to $17.0 billion in May 2024. Canada's imports of services decreased by 0.2% to $18.1 billion. Canada's deficit in international service trade narrowed by $118.0 million to $1.02 billion.
Canada’s combined international exports of goods and services decreased 1.9% to $79.5 billion in May 2024 while imports of goods and services fell by 1.3% to $82.5 billion. Canada's overall international trade deficit widened by $485.7 million to $2.95 billion in May 2024.
Exports of goods from Canada to the United States increased 0.8% to $48.6 billion in May 2024 while imports of goods from the US decreased 1.7% to $40.5 billion. Canada's trade surplus in goods with the US expanded by $1,086.1 million to $8.20 billion in May 2024.
Canada's exports of goods to China increased by 5.9% to $2.5 billion in May 2024. Canada's imports of goods from China were down 1.7% to $5.1 billion. Canada's deficit in goods trade with China narrowed by $228.4 million to $2.62 billion.
In May 2024, Canada's exports of goods to the European Union dropped by 17.7% to $2.3 billion. Canada's imports of goods from the EU fell 2.9% to $5.7 billion. Canada's deficit in goods trade with the EU widened by $313.7 million to $3.48 billion.
Year-over-year (May 2024 vs May 2023)
Compared with the same month in 2023:
- Canada's international exports of goods decreased 0.6% (-$361.1 million) while Canada’s goods imports decreased 1.4% (-$917.2 million). As imports fell more rapidly than exports, Canada's trade deficit in goods narrowed by $556.1 million.
- Canada's international exports of services were up 3.0% (+$497.0 million) while Canada's imports of services increased by 5.1% (+$884.0 million). With imports rising faster than exports, Canada's trade deficit in services widened by $387.0 million.
- Canada’s combined international exports of goods and services increased 0.2% (+$135.9 million) while imports of goods and services edged down by 0.04% (-$33.2 million). Canada's overall international trade deficit narrowed by $169.1 million.
- Exports of goods from Canada to the United States increased 0.1% (+$41.5 million) while imports of goods from the US decreased 0.8% (-$320.7 billion). Canada's trade surplus in goods with the US expanded by $362.2 million.
- Canada's exports of goods to China decreased by 4.6% (-$120.4 million). Canada's imports of goods from China were down 0.4% (-$18.3 million). Canada's deficit in goods trade with China widened by $102.1 million.
- Canada's exports of goods to the European Union contracted by 24.6% (-$736.7 million). Canada's imports of goods from the EU declined 6.4% (-$391.4 million). Canada's deficit in goods trade with the EU widened by $345.3 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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