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Economy in Brief

Canada's Surplus on Trade in Goods Declined in July
by Louise Curley September 15, 2008

Canada's surplus on trade in goods was C$4.8 billion in July, C$0.8 billion lower than in June but C$2.1 billion higher than July 2007. During the month of July, exports increased C$0.9 billion to $44.3 billion but imports increased by C$1.7 billion to C$39.4 billion. The first chart shows total exports, imports and the balance of trade in goods.

It appears that the decline in the total surplus is largely due to the decline in the surplus on trade with the United States. The balance of trade with the United States, Canada's biggest trading partner, was C$8.9 billion, down C$0.9 billion from C$9.7 billion in June, roughly of the same magnitude as the drop in the surplus in total trade. Exports to the US, which account for about three quarters of total exports increased by C$1.0 billion to reach C$34.2 billion but imports, which account for about two thirds of all imports increased by C$1.9 billion to reach C$25.3 billion. Exports to, and imports from, the United States are shown in the second chart together with the balance of trade with the U.S.

CANADA TRADE IN GOODS  (Billions C$) Jul 08 Jun  08  Jul   07  M/M   Dif  Y/Y     Dif  2007 2006 2005
Total Trade in Goods
Exports  44.3 43.3 38.7 0.9 5.5 463.1 453.7 450.2
Imports 39.4 37.7 35.9 1.7 3.5 415.0 404.3 387.8
Balance 4.9 5.6 2.8 -0.8 2.1 48.0 49.5 62.3
Trade with United States, Puerto Rico and Virgin Islands
Exports 34.2 33.1 29.7 1.0 4.4 356.1 361.4 368.4
Imports 25.3 23.4 23.3 1.9 2.0 269.8 265.0 259.3
Balance 8.9 -.7 6.4 -0.9 2.4 86.3 95.4 109.1
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