Canada Balance of Trade

Last Release

Oct 31, 2024

Actual

-924

Units In

CAD Million

-1,260

Frequency

Monthly

Next Release

Jan 09, 2025

Time to Release

1 Months 2 Days 14 Hours

Highest	Lowest	Average	Date Range	Source
8,524.8 Jan 2001	-5,575.1 Dec 2018	1,148.19 CAD Million	1971-2024	Statistics Canada

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.

Latest Updates

Canada posted a trade deficit of CAD 0.92 billion in October of 2024, narrowing from the CAD 1.26 billion gap in the previous month but wider than market expectations of a CAD 0.8 billion deficit. Despite the improvement, it marked the eighth consecutive monthly deficit. Imports rose by 0.5% to CAD 65.1 billion, led by metal ores (+46.1% to CAD 3.2 billion) and energy products (+6.2% to CAD 7.9 billion), offsetting declines in consumer goods (-1.6% to CAD 11.5 billion) and chemicals (-2.3% to CAD 4.2 billion). Exports increased by 1.1% to CAD 64.2 billion, driven by metal and non-metallic mineral products (+10.6% to CAD 8.6 billion), including unwrought gold (+20.9%), and pharmaceutical goods (+36.8% to CAD 4.1 billion). Exports to the US fell 2.8%, narrowing the surplus with the US from CAD 7.9 billion to CAD 6.2 billion, while exports to other countries surged 13.1%, reducing the non-US trade deficit from CAD 9.2 billion to CAD 7.1 billion.