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October 08, 2024CANADA TRADE BALANCE, AUGUST 2024 Month-over-month (August 2024 vs July 2024)
In August 2024, Canada's international exports of goods decreased to $64.3 billion (-1.0% from July). Canada’s goods imports grew to $65.4 billion (+0.3%). As imports rose while exports fell, Canada's goods trade deficit widened by $809.3 million to -$1.10 billion in August 2024.
Canada's international exports of services increased by $81.0 million (+0.5%) from the previous month, at $16.9 billion in August 2024. Canada's imports of services decreased by $107 million (-0.6%) to $18.2 billion. Canada's deficit in international service trade narrowed by $188 million from $1.52 billion in July to $1.33 billion in August.
Canada’s combined international exports of goods and services decreased 0.7% to $81.2 billion in August 2024 while imports of goods and services edged up by 0.1% to $83.6 billion. Canada's overall international trade deficit widened by $621 million from $1.81 billion in July to $2.43 billion in August 2024.
Exports of goods from Canada to the United States fell 4.3% to $48.1 billion in August 2024 while imports of goods from the US rose 0.9% to $40.2 billion. Canada's trade surplus in goods with the US contracted by $2.50 billion to $7.97 billion in August 2024.
Canada's exports of goods to China increased by 1.3% to $2.8 billion in August 2024. Canada's imports of goods from China fell 0.6% to $5.2 billion. Canada's deficit in goods trade with China narrowed by $67 million to $2.38 billion.
In August 2024, Canada's exports of goods to the European Union fell by 7.0% to $2.8 billion. Canada's imports of goods from the EU dropped 9.0% to $6.2 billion. Canada's deficit in goods trade with the EU narrowed by $402 million to $3.39 billion.
Year-over-year (August 2024 vs August 2023)
Compared with the same month in 2023:
- Canada's international exports of goods declined 0.5% (-$327.6 million) while Canada’s goods imports rose 1.6% (+$1,032.5 million). As imports rose while exports fell, Canada's goods trade balance shifted from a surplus of $263.4 million in August 2023 to a deficit of $1.10 billion in August 2024.
- Canada's international exports of services were up 1.8% (+$299.0 million) while Canada's imports of services increased by 5.9% (+$1.01 billion). With imports rising faster than exports, Canada's trade deficit in services widened by $711.0 million.
- Canada’s combined international exports of goods and services edged down 0.04% (-$28.6 million) while imports of goods and services rose by 2.5% (+$2.04 billion). Canada's overall international trade deficit widened by $2.07 billion.
- Exports of goods from Canada to the United States decreased 5.1% (+$2.61 billion) while imports of goods from the US declined 0.5% (-$186.7 million). Canada's trade surplus in goods with the US contracted by $2.42 billion.
- Canada's exports of goods to China rose by 16.7% (+$398.6 million). Canada's imports of goods from China were up 7.0% (+$337.9 million). Canada's deficit in goods trade with China narrowed by $60.8 million.
- Canada's exports of goods to the European Union rose by 2.1% (+$58.3 million). Canada's imports of goods from the EU were down 1.1% (-$66.7 million). Canada's deficit in goods trade with the EU narrowed by $125.0 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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