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February 05, 2021CANADA TRADE BALANCE, DECEMBER AND ANNUAL 2020 GOODS
In December 2020, there was a deficit of $1,665.1 million in Canada's balance of trade in goods (balance of payments basis). This is $1,894.6 million narrower than the deficit of $3,559.7 million reported in November 2020.
Canada exported $47,318.2 million worth of goods in December 2020, up 1.5% from November 2020.
Canada imported $48,983.3 million worth of goods in December 2020, down 2.3% from November 2020.
From February 2020 to December 2020, Canada's goods imports were down 2.1% while goods exports were down 1.9%.
In 2020, Canada's goods trade deficit was $36.2 billion. Annual exports decreased 12.3% to $524.4 billion while annual imports decreased 8.6% to $560.5 billion.
Canada's goods trade surplus with the United States was $2,761.9 million in December 2020, up $521.0 million from a surplus of $2,240.9 million reported in November 2020. From February 2020 to December 2020, Canada's goods exports to the US were down 7.2% while goods imports from the US were down 5.8%.
In 2020, Canada had a balance of trade surplus in goods with the US valued at $27.7 billion. Annual exports decreased 15.6% to $376.5 billion while annual imports decreased 11.0% to $348.8 billion.
In December 2020, Canada's goods trade surplus with the European Union was $148.3 million, down $238.7 million from a surplus of $387.0 million reported for November 2020. Canada's goods exports to the EU in December were up 30.4% from February 2020, while goods imports from the EU were down 1.5% compared to February 2020.
In 2020, Canada's balance of goods trade deficit with the EU was $10.2 billion. Goods imports from the EU were down 9.0% to $60.2 billion while goods exports to the EU were up 0.6% to $50.1 billion.
In December 2020, Canada's deficit in goods trade with China was $2,075.8 million, down $482.8 million from a deficit of $2,558.6 million reported for November. From February 2020 to December 2020, Canada's goods exports to China were up 28.7% and goods imports from China were up 38.0%.
In 2020, Canada's deficit in goods trade with China was $23.2 billion. Canada's imports of goods from China were up 5.6% to $49.5 billion while Canada's exports of goods to China were up 7.2% to $26.2 billion.
SERVICES
In December 2020, Canada's services trade (balance of payment basis, seasonally adjusted) had a deficit of $170.0 million, up $107.0 million from a deficit of $63.0 million in November. Services imports were down 0.8% to $9,385.0 million and services exports were down 1.9% to $9,215.0 million.
Comparing December 2020 with February 2020, Canada's exports of services were down 15.2% while imports of services were down 33.0%.
In 2020, Canada's balance of trade deficit in services was $7.9 billion. Canada's service imports decreased 24.0% to $122.2 billion while service exports decreased 18.0% to $114.3 billion.
GOODS & SERVICES
In December 2020, Canada's overall trade deficit decreased by $1,786.6 million to $1,835.1 million. Imports of goods and services were down 2.1% from November, at $58,368.3 million. Exports of goods and services were up 1.0% from November to $56,533.2 million.
Comparing December 2020 with February 2020, Canada's exports of goods and services were down 4.4% while imports of goods and services were down 8.9%.
In 2020, Canada had an overall (goods and services) trade deficit of $44.1 billion. This is larger than the deficit of $36.9 billion observed in 2019. Canada's goods and service imports were down 11.8% to $682.7 billion while exports of goods and services were down 13.4% to $638.7 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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