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November 05, 2024CANADA TRADE BALANCE, SEPTEMBER 2024 Month-over-month (September 2024 vs August 2024)
In September 2024, Canada's international exports of goods edged down to $63.9 billion (-0.1% from August). Canada’s goods imports decreased to $65.1 billion (-0.4%). As imports fell more than exports, Canada's goods trade deficit narrowed by $205.1 million to -$1.26 billion in September 2024.
Canada's international exports of services increased by $273.0 million (+1.6%) from the previous month, at $17.2 billion in September 2024. Canada's imports of services increased by $47 million (+0.3%) to $18.4 billion. Canada's deficit in international service trade narrowed by $226 million from $1.43 billion in August to $1.20 billion in September.
Canada’s combined international exports of goods and services increased 0.2% to $81.1 billion in September 2024 while imports of goods and services decreased 0.3% to $83.5 billion. Canada's overall international trade deficit narrowed by $431 million from $2.90 billion in August to $2.47 billion in September 2024.
Exports of goods from Canada to the United States grew 1.6% to $48.7 billion in September 2024 while imports of goods from the US rose 0.8% to $40.4 billion. Canada's trade surplus in goods with the US widened by $464 million to $8.29 billion in September 2024.
Canada's exports of goods to China decreased by 5.9% to $2.6 billion in September 2024. Canada's imports of goods from China fell 0.9% to $5.1 billion. Canada's deficit in goods trade with China widened by $115 million to $2.53 billion.
In September 2024, Canada's exports of goods to the European Union grew by 3.6% to $2.9 billion. Canada's imports of goods from the EU dropped 0.7% to $6.2 billion. Canada's deficit in goods trade with the EU narrowed by $148 million to $3.32 billion.
Year-over-year (September 2024 vs September 2023)
Compared with the same month in 2023:
- Canada's international exports of goods declined 2.8% (-$1.84 billion) while Canada’s goods imports rose 0.2% (+$112.0 million). As imports rose while exports fell, Canada's goods trade balance shifted from a surplus of $688.5 million in September 2023 to a deficit of $1.26 billion in September 2024.
- Canada's international exports of services were up 4.1% (+$673.0 million) while Canada's imports of services increased by 4.0% (+$711.0 billion). Canada's trade deficit in services widened by $39.0 million.
- Canada’s combined international exports of goods and services dropped 1.4% (-$1.17 billion) while imports of goods and services rose by 1.0% (+$823.0 billion). Canada's overall international trade deficit widened by $1.99 billion.
- Exports of goods from Canada to the United States decreased 5.8% (-$2.98 billion) while imports of goods from the US declined 1.9% (-$764.2 million). Canada's trade surplus in goods with the US contracted by $2.21 billion.
- Canada's exports of goods to China decreased by 1.1% (-$29.8 million). Canada's imports of goods from China were down 0.7% (-$34.2 million). Canada's deficit in goods trade with China narrowed by $4.3 million.
- Canada's exports of goods to the European Union rose by 3.1% (+$88.3 million). Canada's imports of goods from the EU were up 11.6% (+$647.3 million). Canada's deficit in goods trade with the EU widened by $559.1 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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