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February 07, 2023CANADA TRADE BALANCE, DECEMBER & ANNUAL 2022 GOODS
In December 2022, Canada's international export of goods decreased to $63.0 billion (-1.2% from November 2022). Canada’s goods imports also decreased (-1.3%) in December to $63.1 billion. The international trade surplus in goods shrunk by $59.2 million from November to December, falling to $159.5 million.
Export of goods to the United States from Canada in December 2022 decreased 0.1% to $47.3 billion while imports of goods from the US edged 0.2% to $40.3 billion. Canada's trade surplus in goods with the US shrunk by $113.9 million to $7.0 billion in December 2022.
Canada's exports of goods to China decreased 19.0% to $2.5 billion in December. Canada's imports of goods from China fell 1.1% to $5.3 billion. Canada's deficit in goods trade with China widened by $527.6 million to $2.8 billion.
In December, Canada's exports of goods to the European Union decreased by 1.4% to $3.3 billion. Canada's imports of goods from the EU were up 0.8% to $5.5 billion. Canada's deficit in goods trade with the EU widened by $89.1 million to $2.3 billion.
SERVICES
Canada's international exports of services increased 1.1% to $14.2 billion in December. Canada's imports of services during the same month decreased 0.6% to $15.4 billion. Canada's deficit in international service trade shrunk by $236.0 million to $1.2 billion.
GOODS AND SERVICES
Canada’s international exports of goods and services decreased 0.8% to $77.2 billion in December. Canada's international imports of goods and services fell by 1.2% to $78.5 billion. Canada's overall international trade balance in goods and services narrowed by $294.2 million to $1.3 billion.
ANNUAL GOODS
In 2022, Canada’s export of goods increased by 22.1% to $777.1 billion while imports of goods rose by 19.8% to $757.0 billion. Overall international trade balance in 2022 increased by $15.5 billion to $20.1 billion.
Canada’s trade with the US showed an increase in exports by 24.5% to $593.3 billion and an increase in imports by 19.9% to $471.1 billion. Trade balance with US in 2022 increased by $38.4 billion to $122.2 billion.
Canada’s exports to China increased 2.1% to $29.2 billion in 2022 and imports from China increased 21.8% to $69.6 billion. Goods trade balance with China widened by $11.8 billion to $40.4 billion.
Exports to European Union in 2022 have increased 17.7% to $36.4 billion and imports have increased 20.6% to $69.0 billion. The goods trade balance in 2022 widened by $6.3 billion to $32.5 billion.
ANNUAL SERVICES
In 2022, Canada has exported more services internationally (+14.9%) than last year. Canada’s international service imports also increased, up 22.2% in 2022 compared to the previous year. The international service trade balance widened by $11.4 billion to $17.1 billion.
ANNUAL GOODS AND SERVICES
International exports of goods and services has increased by 20.8% in 2022 and imports of goods and services increased by 20.3% leading to a positive trade balance of goods and services at $2.9 billion (+$4.1 billion).
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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