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

September 03, 2020
CANADA TRADE BALANCE, JULY 2020

GOODS

In July 2020, there was a deficit of $2,451.3 million in Canada's balance of trade in goods (balance of payments basis).  This is wider than the deficit of $1,588.6 reported in June 2020.  

Canada exported $45,427.9 million worth of goods in July 2020, up 11.1 per cent from June 2020.  

Canada imported $47,879.2 million worth of goods in July 2020, up 12.7 per cent from June 2020.  

From February 2020 to July 2020, Canada's goods imports are down 4.1 per cent while goods exports are down 6.0 per cent.  

Canada's goods trade surplus with the United States was $2,861.1 million in July 2020, slightly wider than the surplus of $2,745.1 million reported in June 2020. From February 2020 to July 2020, Canada's exports to the US were down 7.2 per cent while imports from the US were down 5.9 per cent.

In July 2020, Canada's deficit in goods trade with China was $1,949.3 million, wider than the deficit of $1,669.0 million reported for June. From February 2020 to July 2020, Canada's exports to China are up 20.9 per cent and imports from China are up 33.7 per cent.

In July 2020, Canada's goods trade deficit with the European Union was $1,662.0 million, up from a deficit of $938.5 million reported for June 2020.  Canada's goods exports to the EU in July were down 4.7 per cent from February 2020, while goods imports from the EU were up 5.5 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 July 2020, Canada's services trade (balance of payment basis, seasonally adjusted) had a surplus of $204.0 million, up from a surplus of $164.0 million in June. Services imports were up 0.2 per cent to $8,469.0 million, while services exports were up 0.6 per cent to $8,673.0 million.  

GOODS & SERVICES

The overall balance of trade is calculated by summing the value of goods and services (balance of payment basis, seasonally adjusted).

In July 2020, Canada's overall trade deficit widened to $2,247.3 million, compared to a revised deficit of $1,424.6 million in June. Imports of goods and services were up 10.6 per cent from June, at $56,348.2 million. Exports of goods and services were up by 9.3 per cent from June, to $54,100.9 million.  

Comparing July 2020 with February 2020, Canada's exports of goods and services were down 9.2 per cent while imports of goods and services were down 10.1 per cent.

 

Year-over-year (Jul20 vs Jul19)

Compared to July 2019, Canada's goods exports were down 7.8 per cent as of July 2020, while imports were down 5.6 per cent.  Services exports were down 23.5 per cent while services imports fell 33.6 per cent. Total exports of goods and services were down 10.8 per cent while imports were down 11.3 per cent. 

The deficit in goods trade increased from a $1,457.3 million in July 2019 to $2,451.3 billion in July 2020.  Net trade in services improved from a deficit of $1,425.0 million in July 2019 to a surplus of $204.0 million in July 2020. Canada's overall trade deficit narrowed from $2,882.3 million in July 2019 to $2,247.3 million in July 2020.

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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