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February 05, 2025CANADA TRADE BALANCE, DECEMBER AND ANNUAL 2024 Month-over-month (December 2024 vs November 2024)
In December 2024, Canada's international export of goods increased to $69.5 billion (+4.9% from November). Canada’s goods imports increased to $68.8 billion (+2.3%). Due to the exports increasing faster than imports, the international goods trade balance switched from a deficit of $0.99 billion in November to a surplus of $0.71 billion in December 2024. This was the first goods surplus reported since February 2024.
Overall, 8 of the 11 export product sections increased in December. Exports of energy products saw the largest increase, largely driven by growth in crude oil exports.
In real terms (volume of merchandise) exports were up 2.6% while imports were up 0.2%.
Canada's international exports of services rose 0.8% from the previous month to $18.1 billion in December 2024. Canada's imports of services decreased by 1.2% to $18.2 billion. Canada's deficit in international service trade narrowed by $376.0 million to $0.1 billion.
Canada’s international exports of goods and services increased 4.1% to $87.6 billion in December 2024. Canada's international imports of goods and services increased by 1.6% to $86.9 billion. Canada's overall international trade balance switched from a deficit of $1.4 billion to a surplus of $0.6 billion in December 2024. This was the first goods and services surplus reported since April 2024.
Export of goods to the United States from Canada increased 5.0% to $53.1 billion in December 2024 while imports of goods from the US decreased 1.5% to $41.7 billion. Canada's trade surplus in goods with the US grew by $3.2 billion to $11.3 billion in December 2024.
Canada's exports of goods to China fell 9.5% to $2.3 billion in December 2024. Canada's imports of goods from China were up 9.0% to $5.4 billion. Canada's deficit in goods trade with China widened by $0.7 billion to $ 3.0 billion.
In December 2024, Canada's exports of goods to the European Union increased by 10% to $3.2 billion. Canada's imports of goods from the EU rose 15.6% to $6.7 billion. Canada's deficit in goods trade with the EU increased by $0.6 billion to $3.4 billion.
ANNUAL (2024 vs 2023)
In 2024, Canada’s export of goods increased 1.0% to $777.9 billion while imports of goods rose 1.9% to $785.1 billion. The overall international goods trade deficit increased by $6.6 billion to $7.2 billion in 2024.
In 2024, Canada has exported more services internationally (+5.5%) than the previous year. Canada’s international service imports also increased, up 5.5% year-over-year. The international service surplus increased by $93 million to $2.7 billion.
International exports of goods and services increased 2.0% in 2024, and imports of goods and services increased 2.7%, leading to a negative trade balance of goods and services of $4.5 billion compared to a surplus of $1.98 billion in 2023.
Canada’s trade with the US showed a decrease in goods exports of 0.3% to $590.8 billion and an increase in imports of 0.8% to $488.6 billion. The goods trade surplus with the US in 2024 narrowed by $6.0 billion to $102.3 billion.
Canada’s exports to China decreased 2.5% to $30.2 billion in 2024 and imports from China increased 2.4% to $61.6 billion. The goods trade deficit with China increased by $2.2 billion to $31.4 billion.
Exports to European Union in 2024 decreased 0.2% to $34.5 billion and imports decreased 1.3% to $73.6 billion. The goods trade deficit narrowed by $0.9 billion to $39.1 billion.
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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