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July 06, 2023CANADA TRADE BALANCE, MAY 2023 GOODS
In May 2023, Canada's international export of goods declined to $61.5 billion (-3.8% from April 2023). Canada’s goods imports edged up (+3.0%) in May 2023 to $65.0 billion. The international trade balance in goods shifted from $894.1 million surplus in April to $3,439.0 million deficit in May.
Export of goods to the United States from Canada declined 2.9% to $47.4 billion in May 2023 while imports of goods from the US increased 1.3% to $40.7 billion. Canada's trade surplus in goods with the US narrowed by $2.0 billion to $6.7 billion in May 2023.
Canada's exports of goods to China increased 11.9% to $2.7 billion in May 2023. Canada's imports of goods from China were up by 3.7% to $5.1 billion. Canada's deficit in goods trade with China narrowed by $105.1 million to $2.4 billion.
In May 2023, Canada's exports of goods to the European Union declined by 2.3% to $2.9 billion. Canada's imports of goods from the EU were down 4.7% to $6.0 billion. Canada's deficit in goods trade with the EU widened by $0.2 billion to $3.1 billion.
SERVICES
Canada's international exports of services was unchanged from the previous month and remained at $14.6 billion in May 2023. Canada's imports of services during the same month declined by 0.5% to $15.7 billion. Canada's deficit in international service trade narrowed by $80 million to $1.1 billion.
GOODS AND SERVICES
Canada’s international exports of goods and services declined 3.1% to $76.1 billion in May 2023. Canada's international imports of goods and services increased by 2.3% to $80.7 billion. Canada's overall international trade deficit in goods and services widened by $4.3 billion to $4.6 billion in May.
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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