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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

May 05, 2020
CANADA TRADE BALANCE, MARCH 2020

GOODS

In March 2020, Canadian goods trade (balance of payment basis, seasonally adjusted) had a deficit $1,410.8 billion. This is a broader deficit than the $893.9 million reported in March 2020. Compared with February 2020, exports of goods were down 4.7 per cent to $46.3 billion. Compared with February 2020, imports of goods were down 3.5 per cent to $47.7 billion.

Canada's goods exports were down 8.8 per cent compared to March 2019.  Canada's goods imports were down 9.9 per cent over March 2019. In March 2020, Canada's trade balance in goods trade narrowed (balance of payment basis, seasonally adjusted) compared to March 2019. Canada's services exports were down 4.9 per cent compared to March 2019.  Canada's Service imports were down 9.6 per cent over March 2019. In March 2020, Canada's trade balance in services trade narrowed (balance of payment basis, seasonally adjusted) compared to March 2019.

 

In March 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), surplus with the United States narrowed to $3,927.6 millions.

 

In March 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), deficit with China slightly widened to $1,279.3 millions.

In March 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted), deficit with the European Union widened to $1,429.1 millions.

 SERVICES

Canada's trade in services are categorized into: commercial services, travel services, transportation services and government services.

In March 2020, Canada's deficit in services trade narrowed to $993.0 million (balance of payment basis, seasonally adjusted) compared with a deficit of $1,658.0 million in February 2020.  Service imports were down 11.5 per cent to $11.4 billion while service exports were down 7.2 per cent to $10.4 billion.  

GOODS & SERVICES

The overall balance of trade is calculated by summing the value of goods and services.

In March 2020, Canada's overall trade deficit narrowed to -$2,403.8 million (goods+services, balance of payment basis, seasonally adjusted), compared to a deficit of -$2.552.9 million in February 2020. Imports of goods and services were down 5.2 per cent from February, at $59.0 billion.  Exports of goods and services were down by 5.1 per cent from February, to $56.6 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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