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December 06, 2023CANADA TRADE BALANCE, OCTOBER 2023 Goods
In October 2023, Canada's international export of goods edged up to $66.0 billion (+0.1% from September). Canada’s goods imports declined to $63.0 billion (-2.8%) in October 2023. Due to the decline in imports, the international goods trade surplus increased by $1.8 billion to $2.97 billion in October 2023.
The decline in imports was broad based, with declines in 8 of the 11 product sections, and led by declines in metal and non-metallic mineral products and motor vehicles and parts. Imports of motor vehicles and parts fell for the first time since March 2023. In real terms (volume of merchandise) exports were down 0.1% and imports were down 3.2%.
Export of goods to the United States from Canada decreased 1.0% to $51.4 billion in October 2023 while imports of goods from the US decreased 3.9% to $39.3 billion. Canada's trade surplus in goods with the US widened by $1.1 billion to $12.09 billion in October 2023.
Canada's exports of goods to China declined by 3.8% to $2.5 billion in October 2023. Canada's imports of goods from China were down by 5.0% to $4.9 billion. Canada's deficit in goods trade with China narrowed by $161 million to $2.38 billion.
In October 2023, Canada's exports of goods to the European Union increased by 8.6% to $3.1 billion. Canada's imports of goods from the EU rose 14.7% to $6.4 billion. Canada's deficit in goods trade with the EU widened by $576.4 million to $3.32 billion.
Services
Canada's international exports of services rose 0.3% from the previous month to $16.4 billion in October 2023. Canada's imports of services declined 0.5% to $17.7 billion. Canada's deficit in international service trade narrowed by $136.0 million to $1.27 billion.
Goods and services
Canada’s international exports of goods and services rose 0.1% to $82.4 billion in October 2023. Canada's international imports of goods and services decreased by 2.3% to $80.7 billion. Canada's overall international trade balance moved from a deficit to a surplus of $1.69 billion in October 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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