Canada’s trade deficit narrowed to CAD 2.45 billion in August 2020 from an upwardly revised CAD 2.53 billion in the previous month and compared with market forecasts of a CAD 2 billion shortfall. Imports fell 1.2% to CAD 47.38 billion, as 6 out of the 11 sections dropped. This was 5.1% below the level observed in February, the month before the impact of the pandemic. Purchases of aircraft and other transportation equipment & parts (-25.3%) contributed the most to the decline, partly due to aircraft engines & parts (-21.4%) and aircraft (-49.6%). Exports dropped 1% to CAD 44.93 billion, settling 7% lower than February levels. Sales of motor vehicles and parts fell 6.8%, and those of aircraft and other transportation equipment & parts dropped -14.5%. Canada's trade surplus with the US widened to a six-month high of CAD 3.3 billion from CAD 2.5 billion in July, while the trade gap with countries other than the US advanced to CAD 5.8 billion from CAD 5.0 billion.

Balance of Trade in Canada averaged 1202.08 CAD Million from 1971 until 2020, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -4953.10 CAD Million in December of 2018. This page provides the latest reported value for - Canada Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Canada Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Statistics Canada

Balance of Trade in Canada is expected to be 3200.00 CAD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Canada to stand at -1100.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around 3200.00 CAD Million in 2021 and 200.00 CAD Million in 2022, according to our econometric models.

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Canada Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-2445.90 -2534.40 8524.80 -4953.10 1971 - 2020 CAD Million Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-07-02 12:30 PM May C$-0.68B C$-4.27B C$-3B C$ -2.8B
2020-08-05 12:30 PM Jun C$-3.19B C$-1.33B C$-0.9B C$ -1B
2020-09-03 12:30 PM Jul C$-2.45B C$-1.59B C$-2.5B C$ -2.3B
2020-10-06 12:30 PM Aug C$-2.45B C$-2.53B C$-2B C$ -2.1B
2020-11-04 01:30 PM Sep C$-2.45B C$ -1.8B
2020-12-04 01:30 PM Oct


News Stream
Canada Trade Gap Narrows Less than Expected
Canada’s trade deficit narrowed to CAD 2.45 billion in August 2020 from an upwardly revised CAD 2.53 billion in the previous month and compared with market forecasts of a CAD 2 billion shortfall. Imports fell 1.2% to CAD 47.38 billion, as 6 out of the 11 sections dropped. This was 5.1% below the level observed in February, the month before the impact of the pandemic. Purchases of aircraft and other transportation equipment & parts (-25.3%) contributed the most to the decline, partly due to aircraft engines & parts (-21.4%) and aircraft (-49.6%). Exports dropped 1% to CAD 44.93 billion, settling 7% lower than February levels. Sales of motor vehicles and parts fell 6.8%, and those of aircraft and other transportation equipment & parts dropped -14.5%. Canada's trade surplus with the US widened to a six-month high of CAD 3.3 billion from CAD 2.5 billion in July, while the trade gap with countries other than the US advanced to CAD 5.8 billion from CAD 5.0 billion.
2020-10-06
Canada Trade Deficit Widens in July
Canada’s trade deficit widened to CAD 2.45 billion in July 2020 from a downwardly revised CAD 1.59 billion in June and compared with market forecasts of a CAD 2.5 billion shortfall. Imports jumped 12.7% to CAD 47.88 billion and exports rose at a softer 11.1% to CAD 45.4 billion, both boosted by motor vehicles and parts as the auto industry adjusted to the impact of COVID-19 by ramping up production and going through a shorter-than-usual shutdown period in July. Canada's trade surplus with the US increased to CAD 2.9 billion from CAD 2.7 billion in June, as exports rose 15.1% on higher sales of motor vehicles & parts and crude oil, and imports advanced 16.2% due to motor vehicles & parts. Meantime, the trade gap with countries other than the US went up to CAD 5.3 billion from CAD 4.3 billion. Combined, exports and imports have increased 35% since reaching a decade-low in April, leaving them 5% short of pre-pandemic levels, as the economy continues to recover from coronavirus lockdowns.
2020-09-03
Canada Trade Deficit Widens Sharply in June
Canada’s trade deficit widened to CAD 3.19 billion in June 2020 from an upwardly revised CAD 1.33 billion in May and compared with market expectations of a CAD 0.9 billion gap. Imports jumped 21.8% to CAD 42.9 billion, boosted by motor vehicles & parts, namely passenger cars & light trucks and motor vehicle engines & parts as June was the first full month of production at motor vehicle assembly plants in North America since February. Exports rose 17.1 percent to CAD 39.71 billion, also driven by motor vehicles & parts, in particular passenger cars & light trucks amid the resumption of activities in the automotive industry in Canada which started in mid-May. Canada's trade surplus with the US narrowed to CAD 1.1 billion from CAD 1.9 billion in May, while the trade gap with countries other than the US rose to CAD 4.3 billion from CAD 3.3 billion. On a quarterly basis, Canada's trade deficit increased to CAD 9.4 billion from CAD 8.4 billion in the first three months of the year.
2020-08-05
Canada Posts Smallest Trade Gap in 6 Months
Canada’s trade deficit narrowed sharply to CAD 0.68 billion in May 2020 from an upwardly revised CAD 4.27 billion in April and compared with market consensus of a CAD 3 billion gap. It was the smallest trade shortfall since November last year, amid the resumption of activities following lockdowns to combat the spread of the coronavirus pandemic. Exports rose 6.7% to CAD 34.6 billion, driven higher sales of motor vehicles and parts (76.2%) as the auto industry resume operations and energy products (14.5%) due to higher crude oil prices. Meanwhile, imports fell 3.9% to an over nine-year low of CAD 35.29 billion, reflecting supply challenges at a time when various economies around the world were progressively re-opening. Canada's trade surplus with the US widened to CAD 2.8 billion in May from CAD 1.2 billion in April, while the trade gap with countries other than the US fell to an over three-year low of CAD 3.5 billion from CAD 5.5 billion.
2020-07-02

Canada Balance of Trade
Between 1970 and 2008 Canada had been recording trade surpluses every year. From 2009 the trade balance shifted to deficit, with an exception of 2011 and 2014. In 2018, the largest trade deficits were recorded with China, Germany and Mexico, while the biggest trade surpluses were recorded with the US, the UK and Norway.