Statistics Canada announced that Canada’s merchandise exports increased 4.9% in December, while imports were up 2.3%.
As a result, Canada’s merchandise trade balance with the world went from a deficit of $986 million in November to a surplus of $708 million in December. This was the first merchandise trade surplus since February 2024.
After increasing 1.9% in November, total exports were up 4.9% in December, the largest percentage increase since February 2024. Overall, 8 of the 11 product sections were up in December. Exports of energy products (+9.5%) posted the largest increase. Exports excluding energy products increased 3.6%.
After rising 2.8% in November, total imports increased 2.3% in December. The largest contributors to this monthly increase were imports of consumer goods (+4.7%), metal and non-metallic mineral products (+8.7%) and industrial machinery, equipment and parts (+5.0%).
Exports to the United States rose 5.0% in December, in part on higher exports of energy products. Meanwhile, imports from the United States fell 1.5% in December. As a result, Canada’s trade surplus with the United States widened from $8.2 billion in November to $11.3 billion in December.
After falling 10.8% in November, exports to countries other than the United States rose 4.9% in December. The largest increases were observed in exports to Germany (nuclear fuel and aircraft), Norway (nickel and scrap of metal), Japan (coal and copper) and Switzerland (aircraft). Imports from countries other than the United States rose 9.0% in December. Canada’s trade deficit with countries other than the United States widened from $9.2 billion in November to $10.6 billion in December.
