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November 07, 2023CANADA TRADE BALANCE, SEPTEMBER 2023 Goods
In September 2023, Canada's international export of goods increased to $67.0 billion (+2.7% from August 2023). Canada’s goods imports increased to $65.0 billion (+1.0%) in September 2023. The international goods trade surplus increased by $1.1 billion to $2.0 billion in September 2023.
Energy products accounted for most of the gain in exports in September on higher prices for crude oil. The value of energy products reflected more than a quarter of Canada's total exports in September. Increases in imports in August and September have almost offset the decline in July, which was partly due to port disruptions in British Columbia.
Export of goods to the United States from Canada increased 2.6% to $52.7 billion in September 2023 while imports of goods from the US increased 1.7% to $41.0 billion. Canada's trade surplus in goods with the US widened by $650.7 million to $11,656.7 million in September 2023.
Canada's exports of goods to China increased by 12.5% to $2.7 billion in September 2023. Canada's imports of goods from China were up by 6.0% to $5.1 billion. Canada's deficit in goods trade with China narrowed by $6.5 million to $2,444.2 million.
In September 2023, Canada's exports of goods to the European Union increased by 3.1% to $2.8 billion. Canada's imports of goods from the EU declined 11.4% to $5.5 billion. Canada's deficit in goods trade with the EU narrowed by $796.3 million to $2,694.3 million.
Services
Canada's international exports of services rose 0.1% from the previous month to $15.0 billion in September 2023. Canada's imports of services during the same month were virtually unchanged at $16.5 billion. Canada's deficit in international service trade widened by $6.0 million to $1,576.0 million.
Goods and services
Canada’s international exports of goods and services rose 2.2% to $82.1 billion in September 2023. Canada's international imports of goods and services increased by 0.8% to $81.6 billion. Canada's overall international trade balance moved from a deficit to a surplus of $463.1 million in September 2023.
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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