Canada’s merchandise trade deficit narrowed to CAD 3.21 billion in March 2019 from an upwardly revised CAD 3.42 billion in the previous month and compared with market expectations of a CAD 2.45 billion gap. Exports rose 3.2 percent month-over-month, led in part by higher exports of energy products and imports advanced 2.5 percent driven by consumer goods. Considering the first quarter of the year, the country's trade gap widened to CAD 10.4 billion from CAD 7.8 billion in the same period of 2018, the largest trade gap since the second quarter of 2016. Balance of Trade in Canada averaged 1286.17 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 -4878.20 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
2019-03-06 01:30 PM Balance of Trade C$-4.59B C$-1.98B C$-2.8B C$-1.7B
2019-03-27 12:30 PM Balance of Trade C$-4.25B C$-4.82B C$-3.5B C$-3.9B
2019-04-17 12:30 PM Balance of Trade C$-2.9B C$-3.09B C$-3.5B C$-3.9B
2019-05-09 12:30 PM Balance of Trade C$-3.21B C$-3.42B C$-2.45B C$ -2.3B
2019-06-06 12:30 PM Balance of Trade C$-3.21B
2019-07-03 12:30 PM Balance of Trade
2019-08-02 12:30 PM Balance of Trade C$ -1.1B



Canada Trade Deficit Narrows in March

Canada’s merchandise trade deficit narrowed to CAD 3.21 billion in March 2019 from an upwardly revised CAD 3.42 billion in the previous month and compared with market expectations of a CAD 2.45 billion gap. Exports rose 3.2 percent month-over-month, mainly due to higher sales of energy products and imports advanced at a softer 2.5 percent mostly driven by purchases of consumer goods.

Exports rose 3.2 percent month-over-month to CAD 49 billion in March from a downwardly revised CAD 47.54 billion in February and below market consensus of CAD 48 billion. Sales of energy products increased 7.7 percent to CAD 9.6 billion, driven by crude oil (5.0 percent), coal (29.5 percent), natural gas (9.9 percent) and refined petroleum products (13.6 percent). Also, sales of motor vehicles and parts went up 5.6 percent, namely passenger cars and light trucks (8.4 percent) and motor vehicle engines and motor vehicle parts (4.6 percent).

Exports to the US advanced 1.3 percent to CAD 36.4 billion, mostly on higher sales of motor vehicles and crude oil. Exports to countries other than the US rose 8.8 percent to CAD 12.7 billion, as higher exports to the UK (gold), the Netherlands (aluminium and crude oil), Germany (aircraft and crude oil) and Saudi Arabia (other transportation equipment) were partially offset by lower exports to Hong Kong (gold).

Imports increased 2.5 percent to CAD 52.26 billion in March 2019, from an upwardly revised CAD 50.96 billion in February and against market expectations of CAD 51.5 billion. Purchases of consumer goods went up 6.7 percent to a record CAD 10.9 billion, boosted by clothing, footwear and accessories (22.9 percent) mainly on higher purchases of clothing from Bangladesh and Cambodia. Also, imports of motor vehicles and parts advanced 4.9 percent to CAD 9.9 billion, mostly due to commercial trucks. On the other hand, purchases of aircraft fell 50.7 percent due to a slowdown in deliveries of airliners from the US.

Imports from the US dropped 0.4 percent, primarily on lower imports of aircrafs while those from countries other than the US rose 8.0 percent to CAD 19.5 million, led by higher purchases from China (computers and peripherals) and Mexico (cars and trucks).

Considering the first quarter of the year, the country's trade gap widened to CAD 10.4 billion from CAD 7.8 billion in the same period of 2018, the largest trade gap since the second quarter of 2016. Imports in the first quarter of 2019 went up 2.2 percent to CAD 155.1 billion, driven by higher purchases of aircraft and other transportation equipment and parts (35.0 percent) and motor vehicles and parts (4.9 percent). Exports advanced 0.5 percent to CAD 144.7 billion, boosted by sales of energy products.


Statistics Canada | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/9/2019 1:08:59 PM



Canada Trade Last Previous Highest Lowest Unit
Balance of Trade -3211.20 -3418.10 8524.80 -4878.20 CAD Million [+]
Current Account -15483.00 -10108.00 12230.00 -20197.00 CAD Million [+]
Current Account to GDP -3.00 -3.30 2.70 -4.20 percent [+]
Imports 52256.90 50962.50 52256.90 1112.00 CAD Million [+]
Exports 49045.70 47544.40 51251.50 1366.00 CAD Million [+]
External Debt 2691144.00 2561243.00 2691144.00 795408.00 CAD Million [+]
Terms of Trade 92.60 93.10 108.50 79.10 Index Points [+]
Foreign Direct Investment 17199.00 8909.00 50326.00 -8640.00 CAD Million [+]
Capital Flows -27.00 0.00 4632.00 -672.00 CAD Million [+]
Gold Reserves 0.00 0.00 46.20 0.00 Tonnes [+]
Crude Oil Production 3887.00 4379.00 4379.00 955.00 BBL/D/1K [+]
Terrorism Index 3.53 2.96 3.53 0.65 [+]
Tourist Arrivals 1494336.00 1491861.00 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 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3211.20 -3418.10 8524.80 -4878.20 1971 - 2019 CAD Million Monthly




Country Last Previous
Argentina 1183.00 Mar/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.39 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1429.00 Mar/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa 5004.63 Mar/19
South Korea 4120.00 Apr/19
Spain -2352600.00 Mar/19
Switzerland 2494.00 Mar/19
Turkey -2136.73 Mar/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19


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