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September 04, 2024CANADA TRADE BALANCE, JULY 2024 Month-over-month (July 2024 vs June 2024)
In July 2024, Canada's international exports of goods decreased to $65.7 billion (-0.4% from June). Canada’s goods imports fell to $65.0 billion (-1.7%). As imports fell more rapidly than exports, Canada's goods trade deficit of $179.4 million in June 2024 turned to a surplus of $684.0 million in July 2024.
Canada's international exports of services were essentially unchanged (+0.02%) from the previous month, at $16.8 billion in July 2024. Canada's imports of services increased by 0.6% to $18.4 billion. Canada's deficit in international service trade widened from $1.45 billion in June to $1.57 billion in July.
Canada’s combined international exports of goods and services decreased 0.3% to $82.5 billion in July 2024 while imports of goods and services declined by 1.2% to $83.4 billion. Canada's overall international trade deficit narrowed from $1.63 billion in June to $883.0 million in July 2024.
Exports of goods from Canada to the United States increased 1.9% to $51.1 billion in July 2024 while imports of goods from the US fell 3.3% to $39.8 billion. Canada's trade surplus in goods with the US expanded by $2.31 billion to $11.31 billion in July 2024.
Canada's exports of goods to China increased by 7.5% to $2.7 billion in July 2024. Canada's imports of goods from China fell 5.4% to $5.2 billion. Canada's deficit in goods trade with China narrowed by $486.2 million to $2.44 billion.
In July 2024, Canada's exports of goods to the European Union rose by 4.1% to $3.0 billion. Canada's imports of goods from the EU rose 2.9% to $6.4 billion. Canada's deficit in goods trade with the EU widened by $64.4 million to $3.45 billion.
Year-over-year (July 2024 vs July 2023)
Compared with the same month in 2023:
- Canada's international exports of goods rose 6.9% (+4.22 billion) while Canada’s goods imports rose 4.4% (+$2.72 billion). As exports rose more rapidly than imports, Canada's goods trade balance increased by $1.50 billion and changed from deficit to surplus.
- Canada's international exports of services were up 1.4% (+$229.0 million) while Canada's imports of services increased by 7.2% (+$1.24 billion). With imports rising faster than exports, Canada's trade deficit in services widened by $1.01 billion.
- Canada’s combined international exports of goods and services increased 5.7% (+$4.45 billion) while imports of goods and services rose by 5.0% (+$3.96 billion). Canada's overall international trade deficit narrowed by $494.9 million.
- Exports of goods from Canada to the United States increased 5.6% (+$2.72 billion) while imports of goods from the US declined 0.7% (+$293.1 million). Canada's trade surplus in goods with the US expanded by $3.02 billion.
- Canada's exports of goods to China rose by 12.5% (+$303.6 million). Canada's imports of goods from China were up 30.8% (+$1.22 billion). Canada's deficit in goods trade with China widened by $912.7 million.
- Canada's exports of goods to the European Union rose by 10.4% (+$279.9 million). Canada's imports of goods from the EU were up 2.6% (+$165.5 million). Canada's deficit in goods trade with the EU narrowed by $114.3 million.
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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