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.