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May 9, 2024 · In 2023, the value of Canada's annual merchandise exports decreased 1.4% to $768.2 billion, while the value of annual imports rose 1.4% to $770.2 billion. As a result, Canada's merchandise trade balance with the world went from a surplus of $19.7 billion in 2022 to a slight deficit of $1.9 billion in 2023.
Jun 11, 2024 · Adjusting for inflation, 2023 exports reached $30.50 billion, outperforming $27.58 billion of exports in 2019; likewise, Canadian imports from China were valued at $89.21 billion in 2023, compared with $88.87 billion in 2019.
- Daniel Lincoln
Key information about Canada's Trade Balance. Canada's Trade Balance recorded a deficit of 765.8 USD mn in Apr 2024, compared with a deficit of 1.5 USD bn in the previous month; Canada's Trade Balance data is updated monthly, available from Jan 1988 to Apr 2024, with an averaged value of 800.3 USD mn
External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services). Data are in current U.S. dollars. Canada trade balance for 2022 was $2.84B, a 1553.86% increase from 2021.
- Merchandise exports and imports. The appreciation of the Canadian dollar impacts import and export values. A large proportion of import and export transactions are completed in US dollars and must be converted to Canadian dollars to compile monthly trade statistics.
- Contribution to the monthly change in exports, by product, December 2023. Exports of motor vehicles and parts were down 8.2% in December. Exports of passenger cars and light trucks (-11.6%) contributed the most to the decline.
- Exports of passenger cars and light trucks. Exports of energy products fell 3.1% in December. The largest contributor to this decline was crude oil exports (-4.9%), which were also down in November.
- Contribution to the monthly change in imports, by product, December 2023. Imports of consumer goods were up 9.4% in December. This was the strongest monthly increase on record for this product section.
2023 : U.S. trade in goods with Canada . NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Table reflects only those months for which there was trade.
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This section describes the year’s trends in goods and services trade on a balance-of-payments basis. See the Office of the Chief Economist (2023b) for a review of Canada’s goods trade in 2022 on a customs basis.
