Canada’s trade balance shifted to CAD 0.76 billion surplus in May 2019 from an upwardly revised CAD 1.08 billion in the previous month and compared with market expectations of a CAD 1.5 billion gap. It was the second trade surplus since December 2016, as exports rose 4.6 percent to a record high driven by motor vehicles and imports increased at a slower 1 percent mainly due to aircraft. Exports to the US went up 3.7 percent to an all-time high of CAD 39.3 billion. Balance of Trade in Canada averaged 1284.12 CAD Million from 1971 until 2019, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -4962 CAD Million in December of 2018.

Balance of Trade in Canada is expected to be -1100.00 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 -3300.00 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
2019-04-17 12:30 PM Balance of Trade Feb C$-2.9B C$-3.09B C$-3.5B C$-3.9B
2019-05-09 12:30 PM Balance of Trade Mar C$-3.21B C$-3.42B C$-2.45B C$ -2.3B
2019-06-06 12:30 PM Balance of Trade Apr C$-0.97B C$-2.34B C$-2.8B C$-3B
2019-07-03 12:30 PM Balance of Trade May C$0.76B C$-1.08B C$-1.5B C$-1.3B
2019-08-02 12:30 PM Balance of Trade Jun C$0.76B C$-1.5B C$ -1.1B
2019-09-04 12:30 PM Balance of Trade Jul
2019-10-04 12:30 PM Balance of Trade Aug



Canada Trade Balance Swings to Surplus in May

Canada’s trade balance shifted to CAD 0.76 billion surplus in May 2019 from an upwardly revised CAD 1.08 billion in the previous month and compared with market expectations of a CAD 1.5 billion gap. It was the second trade surplus since December 2016, as exports rose 4.6 percent to a record high driven by motor vehicles and imports increased at a slower 1 percent mainly due to aircraft.

Exports increased 4.6 percent month-over-month to CAD 53.1 billion in May, hitting a record high, from an upwardly revised CAD 50.8 billion in April. Sales of motor vehicles and parts went up 12.4 percent to CAD 8.4 billion, namely passenger cars and light trucks (+17.8 percent) mainly due to higher Canadian motor vehicle production as activities at some assembly plants resumed following atypical shutdowns in April. Also, sales of aircraft and other transportation equipment and parts advanced 33 percent to CAD 2.9 billion, as exports of boats and other transportation equipment almost quadrupled as a result of higher exports of other transportation equipment to Saudi Arabia; and aircraft (+40.2 percent) due to shipments of business jets and commercial aircraft, particularly to the US. In addition, sales of energy products rose 5 percent to CAD 10.8 billion, of which crude oil (+2.8 percent) and refined petroleum products (+20.4 percent).

Exports to the US jumped 3.7 percent to an all-time high of CAD 37.8 billion and sales to countries other than the US went up 7.3 percent to a record CAD 13.8 billion, in particular Saudi Arabia (other transportation equipment); Japan (copper, coal); South Korea (metal ores); and the Netherlands (energy products, iron ores) Meawhile, exports dropped to the UK (gold).

Imports advanced 1.2 percent over a month earlier to CAD 52.3 billion from an upwardly revised CAD 51.8 billion in April, boosted by higher purchases of aircraft and other transportation equipment and parts (14.2 percent to CAD 2.2 billion) and motor vehicles and parts (1.6 percent to CAD 9.8 billion), as a result of increased production in assembly plants.

Imports from the US declined 0.5 percent to CAD 33.3 billion, while those from countries other than the US went up 3.7 percent to CAD 19 billion, of which Saudi Arabia (crude oil) and Norway (motor gasoline, crude oil) contributed the most to the overall increase.

The country's trade surplus with the US widened to CAD 5.9 billion in May from CAD 4.4 billion in the prior month, the largest surplus since October 2008.


Statistics Canada | Stefanie Moya | stefanie.moya@tradingeconomics.com
7/3/2019 4:27:10 PM



Canada Trade Last Previous Highest Lowest Unit
Balance of Trade 762.30 -1082.90 8524.80 -4962.00 CAD Million [+]
Current Account -17347.00 -16616.00 12230.00 -20197.00 CAD Million [+]
Current Account to GDP -2.60 -2.80 2.70 -4.20 percent [+]
Imports 52344.10 51834.60 52453.00 1112.00 CAD Million [+]
Exports 53106.40 50751.70 53106.40 1366.00 CAD Million [+]
External Debt 2684119.00 2691144.00 2691144.00 795408.00 CAD Million [+]
Terms of Trade 93.20 92.10 108.50 79.10 Index Points [+]
Foreign Direct Investment 12178.00 18966.00 50326.00 -8640.00 CAD Million [+]
Capital Flows -89.00 0.00 4632.00 -672.00 CAD Million [+]
Gold Reserves 0.00 0.00 46.20 0.00 Tonnes [+]
Crude Oil Production 3983.00 4081.00 4520.00 955.00 BBL/D/1K [+]
Terrorism Index 3.53 2.96 3.53 0.65 [+]
Tourist Arrivals 2079426.00 1809305.00 7006165.00 1138895.00 [+]
Weapons Sales 84.00 64.00 473.00 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 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. 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
762.30 -1082.90 8524.80 -4962.00 1971 - 2019 CAD Million Monthly




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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