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August 05, 2020CANADA TRADE BALANCE, JUNE 2020 GOODS
In June 2020, Canadian goods trade (balance of payment basis, seasonally adjusted) had a deficit of $3.2 billion, up from a revised deficit in May of $1.3 billion. Compared with May 2020, exports of goods were up 17.1 per cent to $39.7 billion and imports of goods increased 21.8 per cent to $42.9 billion.
Since February 2020, Canada's goods imports have declined by 14.3 per cent while exports have fallen 17.9 per cent.
Compared to June 2019, Canada's goods exports were down 20.0 per cent as of June 2020, while imports were down 15.0 per cent. Services exports were down 28.2 per cent while services imports fell 31.9 per cent. Total exports of goods and services are down 21.5 per cent while imports are down 18.4 per cent.
The deficit in goods trade increased from a $857.9 million in June 2019 to $3.2 billion in June 2020. Net trade in services improved from a deficit of $1.7 billion in June 2019 to a deficit of $727.0 million in June 2020. Canada's overall trade deficit increased from $2.5 billion in June 2019 to $3.9 billion in June 2020.
In June 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) surplus with the United States narrowed to $1,094.6 million. Since February 2020, Canada's exports to the US are down 23.9 per cent while imports from the US are down 19.3 per cent.
In June 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) deficit with China narrowed to $1,603.4 million. Compared to February 2020, Canada's exports to China are up 26.4 per cent and imports from China are up 26.9 per cent.
In June 2020, the Canadian merchandise trade (balance of payment basis, seasonally adjusted) deficit with the European Union narrowed slightly to $1,037.7 million. Canada's exports to the EU in June were nearly identical to exports in February 2020, while imports from the EU are down 2.8 per cent compared to February 2020.
SERVICES
Canada's trade in services are categorized into: commercial services, travel services, transportation services and government services.
In June 2020, Canada's services trade (balance of payment basis, seasonally adjusted) had a deficit of $727.0 million, down from a surplus of $232.0 million in May. Services imports were up 17.0 per cent to $8.8 billion, while services exports were up 4.1 per cent to $8.1 billion.
GOODS & SERVICES
The overall balance of trade is calculated by summing the value of goods and services (balance of payment basis, seasonally adjusted).
In June 2020, Canada's overall trade deficit widened to $3.9 billion, compared to a revised deficit of $1.1 billion in May. Imports of goods and services were up 20.9 per cent from May, at $51.7 billion. Exports of goods and services were up by 14.7 per cent from May, to $47.8 billion.
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.
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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