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.