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.

Balance of Trade in Canada averaged 1223.20 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 July of 2020. source: Statistics Canada

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 -1100.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around -500.00 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
-676.70 -4266.00 8524.80 -4953.10 1971 - 2020 CAD Million Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-04-02 12:30 PM Feb C$-0.98B C$-1.66B C$-1.87B C$ -2B
2020-05-05 12:30 PM Mar C$-1.41B C$-0.89B C$-2B C$ -1.5B
2020-06-04 12:30 PM Apr C$-3.25B C$-1.53B C$-2.36B C$ 0.5B
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$ -3B
2020-09-03 12:30 PM Jul
2020-10-06 12:30 PM Aug
2020-11-04 01:30 PM Sep C$ -1.5B


News Stream
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 Posts Largest Trade Gap in Over a Year
Canada’s trade deficit widened to CAD 3.25 billion in April 2020 from an upwardly revised CAD 1.53 billion in March and compared with market forecasts of a CAD 2.36 billion shortfall. It was the largest trade gap since February last year, as factories and retail stores shutdowns, falling oil prices and lower demand due to the covid-19, resulted in sharp decreases in exports and imports. Exports slumped 29.7% to an over 10-year low of CAD 32.7 billion, due to lower sales of motor vehicles & parts (-82.9%, the largest decline on record); and energy products (-43.6%, the biggest decline on record). Imports plunged 25.1% to CAD 35.9 billion, the lowest level since 2011, due to purchases of motor vehicles & parts (-77.1%); energy products (-53.6%) and consumer goods (-11.6%, the largest drop since 1988). Canada's trade surplus with the US fell to CAD 2.2 billion from CAD 3.6 billion in March, while the trade gap with countries other than the US rose to CAD 5.4 billion from CAD 5.1 billion.
2020-06-04
Canada Trade Gap Widens Less than Expected
Canada’s trade deficit widened to CAD 1.4 billion in March 2020 from a downwardly revised CAD 0.89 billion in the previous month and compared with market expectations of a CAD 2 billion gap. In March, Canadian borders remained open for goods, still both imports and exports fell notably, as the coronavirus pandemic started hitting the economy. Exports dropped 4.7% to an over two-year low of CAD 46.3 billion, mainly due to lower sales of passenger cars & light trucks (-9.8%); engines & parts (-28.9%); and energy products (-7.4%). Imports declined 3.5% to CAD 47.7 billion, its lowest since October 2017, due to aircraft & other transportations equipment (-17.1%); motor vehicles (-13.1%); and energy products (-5.2%). Canada's trade surplus with the US narrowed to CAD 3.9 billion from CAD 4 billion in February, as exports fell 4.9% while imports decreased 5.1%. Meantime, the country’s trade gap with countries other than the US went up to CAD 5.3 billion from CAD 4.9 billion.
2020-05-05
Canada Trade Gap Narrows in February
Canada’s trade deficit narrowed to CAD 0.983 billion in February 2020 from an upwardly revised CAD 1.66 billion in January and compared with market forecasts of a CAD 1.87 billion shortfall. Exports rose 0.5% to CAD 48.3 billion, boosted by higher sales of aircraft and other transportation equipment and parts (+18.5%), namely aircraft (+46.8%); motor vehicles and parts (+3.1%) and non-energy exports (+2.3%). Moderating the overall export increase, energy products fell 7.0% in February. Imports fell 0.8% to a two-year low of CAD 49.3 billion, dragged by energy products (-16%); mainly crude oil. Higher imports of aircraft and other transportation equipment and parts (+27.3%) partially offset the decline in total imports. Canada's trade surplus with the US widened to CAD 3.7 billion from CAD 3.4 billion, as export rose 2.5% while imports went up at a softer 1.7%. Meantime, the country’s trade gap with countries other than the US narrowed to CAD 4.7 billion from CAD 5.0 billion in January.
2020-04-02

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.