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March 07, 2024
CANADA TRADE BALANCE, JANUARY 2024
Items
In January 2024, Canada’s worldwide export of products declined to $62.3 billion (-1.7% from December). Canada’s items imports declined to $61.8 billion (-3.8%). As imports fell sooner than exports, Canada’s commerce stability modified from a $862 million deficit in December to a $496 million surplus in January 2024.
Imports declined in 7 of 11 product sections led by declines in client items, motor automobiles and components, and metallic and non-metallic mineral merchandise. Exports declined in 8 of 11 product sections led by declines in metallic and non-metallic mineral merchandise and plane and different transportation gear and components.
In actual phrases (quantity of merchandise) imports have been down 4.1% whereas exports have been down 1.8%.
Export of products to the United States from Canada decreased 1.0% to $48.1 billion in January 2024 whereas imports of products from the US decreased 1.7% to $39.4 billion. Canada’s commerce surplus in items with the US widened by $215 million to $8.8 billion in January 2024.
Canada’s exports of products to China fell 6.2% to $2.4 billion in January 2024. Canada’s imports of products from China have been down 10.5% to $4.5 billion. Canada’s deficit in items commerce with China narrowed by $368 million to $2.1 billion.
In January 2024, Canada’s exports of products to the European Union decreased by 3.9% to $2.7 billion. Canada’s imports of products from the EU fell 2.0% to $5.9 billion. Canada’s deficit in items commerce with the EU narrowed by $11.4 million to $3.2 billion.
Companies
Canada’s worldwide exports of providers fell 1.6% from the earlier month to $17.0 billion in January 2024. Canada’s imports of providers elevated by 1.5% to $18.3 billion. Canada’s deficit in worldwide service commerce widened by $553 million to $1.3 billion.
Items and providers
Canada’s worldwide exports of products and providers declined 1.7% to $79.3 billion in January 2024. Canada’s worldwide imports of products and providers decreased by 2.6% to $80.1 billion. Canada’s general worldwide commerce stability narrowed from $1.6 billion in December to $779 million in January 2024.
Supply: Statistics Canada, Desk 12-10-0011-01 Worldwide merchandise commerce for all international locations and by Principal Buying and selling Companions, month-to-month (x 1,000,000); Desk 12-10-0121-01 Worldwide merchandise commerce by commodity, month-to-month (x 1,000,000); Desk 12-10-0144-01 Worldwide commerce in providers, month-to-month (x 1,000,000)
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