Canada Balance of Trade

Last Release

Nov 30, 2024

Actual

-320

Units In

CAD Million

-924

Frequency

Monthly

Next Release

Feb 05, 2025

Time to Release

27 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
8,524.8 Jan 2001	-5,575.1 Dec 2018	1,145.92 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 0.32 billion in November 2024, narrowing from the upwardly revised CAD 0.54 billion gap in the previous month and better than market expectations of a CAD 0.9 billion deficit. Despite the improvement, it marked the ninth consecutive monthly deficit. Imports rose by 1.8% to CAD 66.4 billion, led by forestry products and building materials (5.9% to CAD 2.99 billion), aircraft and other transportation equipment (5.7% to CAD 2.10 billion), and chemical products (4.3% to CAD 5.19 billion). Exports increased by 2.2% to CAD 66.1 billion, driven by metal ores and non-metallic minerals (10.5% to CAD 2.28 billion), aircraft and other transportation equipment (6.7% to CAD 2.93 billion), and consumer goods (4.4% to CAD 8.21 billion). Exports to the US rose 6.8%, widening the surplus with the US from CAD 6.6 billion to CAD 8.2 billion, while exports to other countries fell 10.3%, widening the non-US trade deficit from CAD 7.2 billion to CAD 8.5 billion.