Canada posted a trade deficit of CAD 1.39 billion in May of 2021 following a downwardly revised surplus of CAD 0.46 billion in the prior month and against market expectations of a CAD 0.37 billion surplus. Total imports went up 2.1% month-over-month to CAD 50.9 billion, with increases seen in 7 of 11 product sections, driven mostly by purchases of metal & non-metallic minerals (+17.7% to a record CAD 5.3 billion); followed by miscellaneous goods & supplies (+15.1%), and pharmaceutical & medical products (+8.2%). Total exports dropped 1.6% to CAD 49.5 billion, with losses observed across 8 of 11 product sections, significantly weighed down by consumer goods (-8.8%), amid plummeting shipments of prepared & packaged seafood products (-46.5%), as the snow crab fishing season opened earlier and exports began in April rather than May. Major negative contributions also came from sales of motor vehicles & parts (-5.8%), although the current semiconductor chip shortage had a less severe impact. source: Statistics Canada

Balance of Trade in Canada averaged 1165.25 CAD Million from 1971 until 2021, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -5575.10 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 2021.

Balance of Trade in Canada is expected to be -100.00 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 1000.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around 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
-1390.00 462.00 8524.80 -5575.10 1971 - 2021 CAD Million Monthly


Calendar GMT Actual Previous Consensus TEForecast
2021-04-07 12:30 PM Feb C$1.04B C$1.21B C$1B C$1.5B
2021-05-04 12:30 PM Mar C$-1.14B C$1.42B C$0.7B C$0.5B
2021-06-08 12:30 PM Apr C$0.59B C$-1.35B C$-0.7B C$-0.9B
2021-07-02 12:30 PM May C$-1.39B C$0.46B C$0.37B C$-0.3B
2021-08-05 12:30 PM Jun C$-1.39B C$ -0.1B
2021-09-02 12:30 PM Jul
2021-10-05 12:30 PM Aug
2021-11-04 01:30 PM Sep C$ -1.8B


News Stream
Canada Unexpectedly Posts Trade Deficit in May
Canada posted a trade deficit of CAD 1.39 billion in May of 2021 following a downwardly revised surplus of CAD 0.46 billion in the prior month and against market expectations of a CAD 0.37 billion surplus. Total imports went up 2.1% month-over-month to CAD 50.9 billion, with increases seen in 7 of 11 product sections, driven mostly by purchases of metal & non-metallic minerals (+17.7% to a record CAD 5.3 billion); followed by miscellaneous goods & supplies (+15.1%), and pharmaceutical & medical products (+8.2%). Total exports dropped 1.6% to CAD 49.5 billion, with losses observed across 8 of 11 product sections, significantly weighed down by consumer goods (-8.8%), amid plummeting shipments of prepared & packaged seafood products (-46.5%), as the snow crab fishing season opened earlier and exports began in April rather than May. Major negative contributions also came from sales of motor vehicles & parts (-5.8%), although the current semiconductor chip shortage had a less severe impact.
2021-07-02
Canada Unexpectedly Posts Trade Surplus in April
Canada posted a trade surplus of CAD 0.59 billion in April of 2021 compared to an upwardly revised deficit of CAD 1.35 billion in the prior month and against market expectations of a CAD 0.7 billion gap. Total imports slumped 4.7% month-over-month to CAD 49.6 billion, the steepest fall since the historic declines of April 2020, on lower purchases of motor vehicles and parts (-22.1%), namely passenger cars and light trucks (-29.7%) and engines and parts (-20.2%) as many auto and parts manufacturers in North America and abroad stopped or slowed production because of the semiconductor chip shortage. Total exports were down 1.0% to CAD 50.2 billion, with 6 of 11 product sections posting declines, primarily motor vehicles and parts (-18.1%), as the ongoing semiconductor chip shortage forced Canadian automakers to reduce or stop production in April, resulting in sharp decreases in exports of passenger cars and light trucks (-21.3%), as well as engines and parts (-15.7%).
2021-06-08
Canada Unexpectedly Reports Trade Deficit
Canada posted a trade gap of CAD 1.14 billion in March of 2021 compared to an upwardly revised surplus of CAD 1.42 billion in the prior month and against market expectations of a CAD 0.7 billion surplus. It was the first trade shortfall following two consecutive monthly trade surpluses. Total imports rose 5.5% month-over-month to CAD 51.8 billion, the highest level observed since May 2019. All 11 product sections posted increases, primarily energy products (+54.7%) and motor vehicles and parts (+4.6%). Total exports edged up 0.3% to CAD 50.6 billion, and were 14.4% higher than in March 2020. Exports of non-energy products rose 2.0% to CAD 41.2 billion, the highest level since the record observed in May 2019. The largest increases were observed in exports of motor vehicles and parts (+10.2%) and metal ores and non-metallic minerals (+33%).
2021-05-04
Canada Trade Surplus Narrows in February
Canada’s trade surplus narrowed to CAD 1.04 billion in February of 2021 from a downwardly revised CAD 1.21 billion in the previous month. This was the first time since late 2016 that the trade balance was in a surplus position for two consecutive months. After a surge of 8.2 percent in January, total exports decreased by 2.7 percent to CAD 49.9 billion in February, a level 4.1 percent higher than that set in February 2020. The largest declines were observed in the metal and non-metallic mineral products, motor vehicles and parts, and aircraft and other transportation equipment and parts product sections. Total imports decreased by 2.4 percent in February to CAD 48.8 billion, their lowest level since August 2020. Imports of motor vehicles and parts had the largest decline, followed by energy products.
2021-04-07

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.