11 October 2022
Canadian Custom Brokerage

Canada’s trade surplus drops to $1.5 billion in August

Statistics Canada announced that the country’s merchandise exports decreased 2.9% in August, while imports fell 1.7%.

As a result, Canada’s merchandise trade surplus with the world narrowed from $2.4 billion in July (revised) to $1.5 billion in August. This is the lowest monthly trade surplus observed to date in 2022.

The Federal Agency reports that exports totaled $65.4 billion in August. Declines were observed in 7 of 11 product sections. A decrease was also seen in July, following six increases in 2022. Exports of energy products fell 6.0% and exports of farm, fishing and intermediate food products decreased 7.1%, while exports of consumer goods were down 3.7%.

Total imports were down 1.7% to $63.9 billion, a second consecutive monthly decline. This is the first time since September 2021 that imports have declined for two consecutive months. Decreases were observed in 8 of the 11 product sections in August, with imports of motor vehicles and parts posting the largest decline.

Exports to the United States fell 2.5% in August, partly due to lower crude oil exports. At the same time, imports from the United States were down 3.3%, driven in part by lower imports of motor vehicles and parts. Canada’s trade surplus with the United States remained essentially unchanged at $10.7 billion in August.

Exports to countries other than the United States fell 4.3% and imports from those countries rose 1.1%. The merchandise trade deficit with countries other than the United States widened from $8.3 billion in July to $9.2 billion in August.

More news

Demande de soumission

Faites-nous part des détails de votre demande d’évaluation de coûts.

Request a quote

Let us know the details of your cost estimate request.