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March 06, 2025CANADA TRADE BALANCE, JANUARY 2025 Month-over-month (January 2025 vs December 2024)
In January 2025, Canada's international export of goods increased to $74.5 billion (+5.5% from December). Canada’s goods imports increased to $70.5 billion (+2.3%). Due to the exports increasing faster than imports, the international goods trade surplus increased to $4.0 billion, the largest surplus since May 2022.
All sub-categories reported higher exports in January, mainly due to higher exports to the United States. Statistics Canada notes that the strong growth in exports occurred in the context of announcements from the United States federal government that tariffs on Canadian goods would be imposed. Export growth was led by exports of motor vehicles and parts, followed by exports of energy products, consumer goods and machinery and equipment.
In real terms (volume of merchandise) exports were up 4.5% while imports were up 1.5%.
Canada's international exports of services declined 1.1% from the previous month to $17.7 billion in January 2025. Canada's imports of services decreased by 0.4% to $18.5 billion. Canada's deficit in international service trade widened by $127 million to $0.8 billion.
Canada’s international exports of goods and services increased 4.1% to $92.1 billion in January 2025. Canada's international imports of goods and services increased by 1.7% to $88.9 billion. Canada's overall international trade surplus grew by $2.2 billion to $3.2 billion in January 2025.
Export of goods to the United States from Canada increased 7.5% to $58.2 billion in January 2025 while imports of goods from the US increased 4.7% to $43.8 billion. Canada's trade surplus in goods with the US grew by $2.1 billion to a record high of $14.4 billion in January 2025.
Canada's exports of goods to China rose 35.2% to $3.1 billion in January 2025. Canada's imports of goods from China were up 0.6% to $5.4 billion. Canada's deficit in goods trade with China narrowed by $0.8 billion to $2.3 billion.
In January 2025, Canada's exports of goods to the European Union declined by 7.8% to $3.1 billion. Canada's imports of goods from the EU fell 13.5% to $6.2 billion. Canada's deficit in goods trade with the EU narrowed by $0.7 billion to $3.1billion.
Year-over-year (January 2025 vs January 2024)
Compared with the same month in 2024:
- Canada's international exports of goods increased 20.3% (+$12.6 billion) while Canada’s goods imports rose 14.1% (+$8.7 billion). As exports rose faster than imports, Canada's goods trade surplus increased by $3.9 billion from January 2024.
- Canada's international exports of services were down 2.2% (-$402 million) while Canada's imports of services declined by 0.1% (-$13 million). Canada's services trade deficit widened by $388 million compared to January 2024.
- Canada’s combined international exports of goods and services increased by 15.2% (+$12.2 billion) while imports of goods and services rose by 10.9% (+$8.7 billion). Canada's overall international trade position increased by $3.5 billion, moving from $298 million deficit in January 2024 to a $3.2 billion surplus in January 2025.
- Exports of goods from Canada to the United States increased 22.4% (+$10.7 billion) while imports of goods from the US rose 11.1% (+$4.4 billion). Canada's trade surplus in goods with the US grew by $6.3 billion.
- Canada's exports of goods to China increased 33.5% (+$770 million). Canada's imports of goods from China rose 17.8% (+$810 million). Canada's deficit in goods trade with China widened by $40 million.
- Canada's exports of goods to the European Union rose by 17.8% (+$465 million). Canada's imports of goods from the EU were up 7.2% (+$417 million). Canada's deficit in goods trade with the EU narrowed by $48 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 12-10-0121-01 International merchandise trade by commodity, monthly (x 1,000,000); Table 12-10-0144-01 International trade in services, monthly (x 1,000,000)