Canada’s merchandise trade deficit widened to CAD 2.06 billion in November 2018 from a downwardly revised CAD 0.85 billion in the previous month and above market consensus of a CAD 1.95 billion shortfall. It was the largest trade gap since May, as exports fell 2.9 percent month-over-month, mainly due to lower sales of crude oil and imports dropped 0.5 percent. Balance of Trade in Canada averaged 1318.38 CAD Million from 1971 until 2018, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -3984.60 CAD Million in September of 2016.

Balance of Trade in Canada is expected to be -1500.00 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 500.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around 3200.00 CAD Million in 2020, according to our econometric models.

Canada Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-10-05 12:30 PM Balance of Trade C$0.53B C$-0.19B C$-0.5B C$ -0.2B
2018-11-02 12:30 PM Balance of Trade C$-0.42B C$-0.55B C$0.15B C$ 0.4B
2018-12-06 01:30 PM Balance of Trade C$-1.17B C$-0.89B C$-0.7B C$ -0.3B
2019-01-08 01:30 PM Balance of Trade C$-2.06B C$-0.85B C$-1.95B
2019-02-05 01:30 PM Balance of Trade C$-2.06B
2019-03-07 01:30 PM Balance of Trade
2019-04-03 12:30 PM Balance of Trade



Canada Trade Gap Widens More than Expected in November

Canada’s merchandise trade deficit widened to CAD 2.06 billion in November 2018 from a downwardly revised CAD 0.85 billion in the previous month and above market consensus of a CAD 1.95 billion shortfall. It was the largest trade gap since May, as exports fell 2.9 percent month-over-month, mainly due to lower sales of crude oil and imports dropped 0.5 percent.

Exports from Canada declined 2.9 percent month-over-month to CAD 48.3 billion in November. It was the fourth consecutive monthly decrease, as exports were down in 8 of 11 sections with energy products contributing the most to the decline. Exports excluding energy products went down 1.4 percent, after falling 6.7 percent in October and sales of energy products fell 9.2 percent to CAD 8.4 billion, namely crude oil (-17.7 percent). Lower sales of crude oil were partially offset by higher exports of coal to South Korea, China and Vietnam. Also, sales of basic and industrial chemical, plastic and rubber products dropped 7.5 percent to CAD 2.8 billion, mainly due to lubricants and other petroleum refinery products (-26.4 percent), mostly on lower exports of motor gasoline blending stock to the northeastern United States. Additionally, sales of forestry products and building and packaging materials fell 5.7 percent, mainly pulp and paper (-10.1 percent).

Exports to the US decreased 3.9 percent in November to CAD 35.3 billion, due to lower sales of crude oil. Meanwhile, exports to countries other than the US rose 0.1 percent to CAD 13.0 billion. A sharp increase in exports to the United Kingdom was almost entirely offset by lower exports to Hong Kong, Netherlands and China.

Imports to Canada dropped 0.5 percent from the previous month to CAD 50.4 billion. Purchases of motor vehicles and parts declined 2.8 percent to CAD 8.9 billion mostly due to imports of passenger cars and light trucks (-5.5 percent). In addition, purchases fell for metal ores and non-metallic minerals (-18.6 percent to CAD 1.1 billion); other metal ores and concentrates (-19.6 percent), mostly on lower imports of gold for refining from the US. On the other hand, imports increased for aircraft and other transportation equipment and parts (21.2 percent to CAD 2.1 billion), as purchases of aircrafts  were up for a third consecutive month, mainly on the strength of higher imports of airliners.

Imports from the US went down 0.3 percent to CAD 33.2 billion and purchases from countries other than the US fell 0.8 percent to CAD 17.2 billion in November. Lower imports from Russia, Switzerland and Mexico were partially offset by higher purchases from China and Japan.



Statistics Canada | Stefanie Moya | stefanie.moya@tradingeconomics.com
1/8/2019 1:55:35 PM



Canada Trade Last Previous Highest Lowest Unit
Balance of Trade -2060.10 -851.10 8524.80 -3984.60 CAD Million [+]
Current Account -10343.00 -16679.00 12230.00 -20197.00 CAD Million [+]
Current Account to GDP -3.00 -3.30 2.70 -4.20 percent [+]
Imports 50389.50 50619.40 51726.70 1112.00 CAD Million [+]
Exports 48329.40 49768.30 51023.40 1366.00 CAD Million [+]
External Debt 2550999.00 2546861.00 2550999.00 795408.00 CAD Million [+]
Terms of Trade 92.30 94.40 110.30 81.20 Index Points [+]
Foreign Direct Investment 9262.00 11674.00 50326.00 -8640.00 CAD Million [+]
Capital Flows 0.00 0.00 4632.00 -672.00 CAD Million [+]
Gold Reserves 0.00 0.00 46.20 0.00 Tonnes [+]
Crude Oil Production 4176.00 4287.00 4297.00 955.00 BBL/D/1K [+]
Terrorism Index 2.96 2.52 3.00 0.65 [+]
Tourist Arrivals 2326691.00 3081305.00 7006165.00 1138895.00 [+]
Weapons Sales 87.00 144.00 469.00 38.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



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 2017, the largest trade deficits were recorded with China, Mexico and Germany, while the biggest trade surpluses were recorded with the United States, the United Kingdom and India. 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 - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2060.10 -851.10 8524.80 -3984.60 1971 - 2018 CAD Million Monthly




Country Last Previous
Argentina 979.00 Nov/18
Australia 1925.00 Nov/18
Brazil 6639.00 Dec/18
Canada -2060.10 Nov/18
China 570.60 Dec/18
Euro Area 18967.90 Nov/18
France -5099.00 Nov/18
Germany 20500.00 Nov/18
India -13080.00 Dec/18
Indonesia -1102.00 Dec/18
Italy 3843.00 Nov/18
Japan -737.30 Nov/18
Mexico -2382.00 Nov/18
Netherlands 6983.00 Nov/18
Russia 19697.00 Oct/18
Saudi Arabia 184673.00 Sep/18
Singapore 1943.12 Dec/18
South Africa 3494.40 Nov/18
South Korea 4558.00 Dec/18
Spain -3836500.00 Oct/18
Switzerland 3071.48 Nov/18
Turkey -651.36 Nov/18
United Kingdom -2904.00 Nov/18
United States -55488.00 Oct/18


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