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January 09, 2024CANADA TRADE BALANCE, NOVEMBER 2023 Goods
In November 2023, Canada's international export of goods edged down to $65.7 billion (-0.6% from October). Canada’s goods imports increased to $64.2 billion (+1.9%). Due to the decline in exports and increase in imports, the international goods trade surplus narrowed by $1.63 billion to $1.57 billion in November 2023.
Import gains were broad based, with increases in 8 of the 11 product sections, and led by growth in energy products, industrial machinery/equipment, electronic/electrical equipment and metal and non-metallic mineral products. Imports of motor vehicles and parts and consumer goods fell in November.
In real terms (volume of merchandise) imports were up 1.6% while exports were down 0.1%.
Export of goods to the United States from Canada increased 0.4% to $51.6 billion in November 2023 while imports of goods from the US increased 1.7% to $39.9 billion. Canada's trade surplus in goods with the US narrowed by $454 million to $11.69 billion in November 2023.
Canada's exports of goods to China rose 2.9% to $2.6 billion in November 2023. Canada's imports of goods from China were up 5.1% to $5.1 billion. Canada's deficit in goods trade with China widened by $172 million to $2.45 billion.
In November 2023, Canada's exports of goods to the European Union decreased by 11.9% to $2.7 billion. Canada's imports of goods from the EU fell 3.5% to $6.2 billion. Canada's deficit in goods trade with the EU widened by $137 million to $3.52 billion.
Services
Canada's international exports of services rose 1.0% from the previous month to $16.6 billion in November 2023. Canada's imports of services were largely unchanged at $17.6 billion. Canada's deficit in international service trade narrowed by $189 million to $0.97 billion.
Goods and services
Canada’s international exports of goods and services declined 0.3% to $82.4 billion in November 2023. Canada's international imports of goods and services increased by 1.5% to $81.8 billion. Canada's overall international trade surplus narrowed by $1.44 billion to $593 million in November 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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