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September 07, 2022CANADA TRADE BALANCE, JULY 2022 GOODS
In July 2022, Canada’s international trade surplus in goods was $4,051.6 million, decreasing from a surplus of $4,881.4 million in June 2022. Canada's international exports of goods decreased 2.8% to $68,250.0 million while imports of goods decreased 1.8% to $64,198.4 million. Export values declined on lower prices while exports volume increased 1.7%. Imports of miscellaneous goods and supplies (-9.8%) as well as energy products (-10.2%) contributed the most to the decline in total imports in July while higher imports of motor vehicles and parts (+8.4%) partially offset the decrease in total imports. The volume of imports declined 1.4% in July 2022.
Canada’s goods trade surplus with the United States declined from $13,310.1 million in June 2022 to $11,844.4 million in July 2022. Canada exported $52,735.9 million in goods to the US and imported $40,891.6 million in goods from the US. Compared to June 2022, Canada's exports to the US were down 2.2% while imports from the US were up by 0.7%.
Canada reported a deficit of $3,521.4 million in goods trade with China for July 2022. Canada's exports of goods to China decreased to $2,134.0 million (-6.1%) in July. Canada's goods imports from China were down 1.7% to $5,655.4 million.
Canada's deficit in goods trade with the European Union was $2,640.5 million in July 2022. Compared to June 2022, Canada's exports to the European Union were down 10.8% to $2,801.7 million and imports from the European Union were down 8.7% to $5,442.2 million.
SERVICES
Canada’s services trade recorded a deficit of $1,756 million in July 2022, following a deficit of $1,224 million in June 2022. Services exports edged down 0.1% from the previous month to $12,651 million in July 2022. Canada's services imports were up 3.7% to $14,407 million in July 2022.
GOODS AND SERVICES
Canada's overall trade surplus in goods and services was $2,295.6 million in July 2022. Exports of goods and services were down 2.4% to $80,901.0 million. Imports of goods and services also decreased 0.8% to $78,605.4 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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