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For additional information relating to this article, please contact:

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

October 06, 2020
CANADA TRADE BALANCE, AUGUST 2020

GOODS

In August 2020, there was a deficit of $2,445.9 million in Canada's balance of trade in goods (balance of payments basis).  This is $88.5 million narrower than the deficit of $2,534.4 million reported in July 2020.  

Canada exported $44,929.3 million worth of goods in August 2020, down 1.0% from July 2020.  

Canada imported $47,375.2 million worth of goods in August 2020, down 1.2% from July 2020.  

From February 2020 to August 2020, Canada's goods imports were down 5.1% while goods exports were down 7.0%.  

Canada's goods trade surplus with the United States was $3,346.0 million in August 2020, up $832.3 million from the surplus of $2,513.7 million reported in July 2020. From February 2020 to August 2020, Canada's exports to the US were down 6.6% while imports from the US were down 6.7%.

In August 2020, Canada's goods trade deficit with the European Union was $826.3 million, down $173.1 million from a deficit of $999.4 million reported for July 2020.  Canada's goods exports to the EU in August were down 11.3% from February 2020, while goods imports from the EU were down 15.5% compared to February 2020.

In August 2020, Canada's deficit in goods trade with China was $2,238.7 million, $185.2 million wider than the deficit of $2,053.5 million reported for July. From February 2020 to August 2020, Canada's exports to China were up 18.4% and imports from China were up 40.8%.

SERVICES

In August 2020, Canada's services trade (balance of payment basis, seasonally adjusted) had a surplus of $168.0 million, down $35.0 million from a surplus of $203.0 million in July. Services imports were up 1.3% to $8,655.0 million, while services exports were up 0.9% to $8,823.0 million.  

Comparing August 2020 with February 2020, Canada's exports of services were down 21.4% while imports of services were down 31.9%.

 

GOODS & SERVICES

In August 2020, Canada's overall trade deficit narrowed by $53.5 million to $2,277.9  million, compared to a revised deficit of $2,331.4 million in July. Imports of goods and services were down 0.8% from July, at $56,030.2 million. Exports of goods and services were down by 0.7% from July to $53,752.3 million.  

Comparing August 2020 with February 2020, Canada's exports of goods and services were down 9.7% while imports of goods and services were down 10.6%.

Year-to-date (Jan-Aug20 vs Jan-Aug19)

Comparing the January-August period of 2020 with the same months of 2019, Canada's goods exports were down 15.4% while imports were down 13.2%.  Services exports were down 14.4% while services imports fell 22.6%. Total exports of goods and services were down 15.2% while imports of goods and services were down 15.1%. 

The deficit in goods trade widened while the deficit in services trade narrowed.  The deficit in goods and services narrowed.  

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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