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June 06, 2024CANADA TRADE BALANCE, APRIL 2024 Goods
In April 2024, Canada's international export of goods increased to $64.4 billion (+2.6% from March). Canada’s goods imports increased to $65.5 billion (+1.1%). As imports grew more slowly than exports, Canada's trade deficit of $1,984.5 million in March 2024 narrowed to $1,047.1 million in April 2024.
Exports rose in 8 of 11 product sections, with strong gains in energy products (notably natural gas and crude oil) as well as unwrought gold. Imports were up for 6 of 11 product sections, with notable increases in imports of motor vehicles, unwrought gold and ships - including a vessel from China intended for ferry service between Nova Scotia and Newfoundland and Labrador.
In real terms (volume of merchandise) exports increased by 1.7% while imports edged down 0.2%.
Export of goods to the United States from Canada increased 2.4% to $48.6 billion in April 2024 while imports of goods from the US increased 1.8% to $41.3 billion. Canada's trade surplus in goods with the US expanded by $426.5 million to $7.33 billion in April 2024.
Canada's exports of goods to China increased by 1.3% to $2.4 billion in April 2024. Canada's imports of goods from China were down 3.2% to $5.2 billion. Canada's deficit in goods trade with China narrowed by $203.2 million to $2.82 billion.
In April 2024, Canada's exports of goods to the European Union grew by 3.1% to $2.8 billion. Canada's imports of goods from the EU fell 6.4% to $6.0 billion. Canada's deficit in goods trade with the EU narrowed by $490.9 million to $3.19 billion.
Services
Canada's international exports of services were virtually unchanged from the previous month at $16.9 billion in April 2024. Canada's imports of services increased by 1.1% to $18.0 billion. Canada's deficit in international service trade widened by $207.0 million to $1.12 billion.
Goods and services
Canada’s combined international exports of goods and services increased 2.0% to $81.4 billion in April 2024 while imports of goods and services grew by 1.1% to $83.5 billion. Canada's overall international trade deficit narrowed by $731.5 million to $2.17 billion in April 2024.
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 12-10-0144-01 International trade in services, monthly (x 1,000,000)
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