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July 07, 2022CANADA TRADE BALANCE, MAY 2022 GOODS
In May 2022, Canada’s international trade surplus in goods was $5,324.1 million, increasing from a surplus of $2,174.1 million in April 2022. Canada's international exports of goods increased 4.1% to $68,436.2 million while imports of goods declined 0.7% to 63,112.1 million. Export growth led by the gains in crude oil and aircraft and other transportation equipment parts. Declines in the clothing, footwear and accessories product group was the main driver behind the monthly decline in imports. The volume of imports declined 1.4% and the volume of exports increased 1.7% in May 2022.
Canada’s goods trade surplus with the United States increased from $12,871.8 million in April 2022 to $13,970.4 million in May 2022. Canada exported $52,897.6 million in goods to the US and imported $38,972.2 million in goods from the US. Compared to April 2022, Canada's exports to the US were up 2.4% while imports from the US were up by 0.3%.
Canada reported a deficit of $3,922.4 million in goods trade with China for May 2022. Canada's exports of goods to China fell to $1,937.3 million (-4.2%) in May. Canada's goods imports from China were down 6.5% to $5,859.7 million.
Canada's deficit in goods trade with the European Union was $2,760.8 million in May 2022. Compared to April 2022, Canada's exports to the European Union were up 7.6% to $3,012.4 million and imports from the European Union were up 4.7% to $5,773.2 million.
SERVICES
Canada’s services trade recorded a deficit of $1,137.0 million in May 2022, following a deficit of $1,275.0 million in April 2022. Services exports increased 1.7% from the previous month to $12,401.0 million in May 2022. Canada's services imports were up 0.5% to 13,538.0 million in May 2022.
GOODS AND SERVICES
Canada's overall trade surplus in goods and services was $4,187.1 million in May widening from a $899.1 million surplus in April 2022. Exports of goods and services were up 3.8% to $80,837.2 million while imports of goods and services declined 0.5% to $76,650.1 million.
Note: all data are reported on a seasonally adjusted balance of payments basis.
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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