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June 04, 2020CANADA TRADE BALANCE, APRIL 2020 During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly-changing economic situation. The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year. Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.
GOODS
In April 2020, Canadian goods trade (balance of payment basis, seasonally adjusted) had a deficit of $3,250.6 million, up from a revised deficit in March of $1,525.7 million. Compared with March 2020, exports of goods were down 29.7 per cent to $32.7 billion, while imports of goods were down 25.1 per cent to $35.9 billion.
In April, Canada's goods exports were down 35.2 per cent compared to April 2019, while imports were down 30.5 per cent. Canada's trade balance in goods is down from a deficit of $1,332.2 million in April 2019.
In April 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) surplus with the United States narrowed to $2,175.9 million.
In April 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) deficit with China widened to $1,981.8 million.
In April 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) deficit with the European Union widened to $1,254.9 millions.
SERVICES
Canada's trade in services are categorized into: commercial services, travel services, transportation services and government services.
In April 2020, Canada's services trade (balance of payment basis, seasonally adjusted) had a surplus of $302 million, up from a deficit of $1,079 million in March. Services imports were down 30.7 per cent to $7.8 billion, while services exports were down 20.5 per cent to $8.1 billion.
Canada's services exports were down 26.8 per cent compared to April 2019, while services imports were down 37.9 per cent. Canada's services trade balance increased from a deficit of $1,496 million in April 2019.
GOODS & SERVICES
The overall balance of trade is calculated by summing the value of goods and services (balance of payment basis, seasonally adjusted).
In April 2020, Canada's overall trade deficit widened to $2,949.6 million, compared to a revised deficit of $2,603.7 million in March. Imports of goods and services were down 26.2 per cent from March, at $43.7 billion. Exports of goods and services were down by 28.0 per cent from March, to $40.8 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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