Canada Balance of Trade2021 Data | 2022 Forecast | 1971-2020 Historical | Calendar

Canada’s trade surplus rose to CAD 1.94 billion in August of 2021 from a downwardly revised CAD 0.74 billion in the previous month and beating market estimates of a CAD 0.43 billion surplus. Total exports increased 0.8% in August to a new record high of CAD 54.4 billion, with gains observed in 6 of the 11 product sections, notably energy products (5.1%). Meanwhile, total imports were down 1.4% to CAD 52.5 billion, despite gains in a majority of product sections, led by lower purchases of motor vehicles and parts (-11.1%) and aircraft and other transportation equipment and parts (-28.8%).

Canada posted a trade surplus of CAD 0.78 billion in July of 2021, compared to a downwardly revised surplus of CAD 2.56 billion in the prior month and missed market expectations of a CAD 1.40 billion surplus. Total exports rose 0.6% to a fresh record of CAD 53.7 billion, underpinned by motor vehicles and parts (+6.4%) and energy products (+1.9%), which received support from higher prices. However, gains were almost offset by a sharp decline in forestry products & building and packaging materials (-12.7%), mainly lumber and other sawmill products (-23.6%), due to lower prices. Meanwhile, imports rose a faster 4.2% to CAD 53.0 billion, with gains observed in 9 of the 11 product sections, notably in motor vehicles and parts (+21.1%), which contributed with more than 2/3 of July’s import growth and electronic equipment and parts (+8.5%).

Canada posted a trade surplus of CAD 3.23 billion in June of 2021, compared to an upwardly revised deficit of CAD 1.58 billion in the prior month and against market expectations of a CAD 0.68 billion gap. It was the widest trade surplus since September of 2008. Total exports rose 8.7% to a record CAD 53.8 billion in June, with increases seen in 9 of 11 product sections, driven mostly by sales of energy products (+22.9%), followed by motor vehicles and parts (14.9%) and metal and non-metallic mineral products (12.7%). Meanwhile, imports fell 1.0% to CAD 50.5 billion, with decreases observed in 7 of the 11 product sections, in particular consumer goods (-3.7%) and motor vehicles and parts (-3.8%).

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.