October 8, 2021
Statistics Canada announced that the country's merchandise exports increased 0.8% in August, while imports decreased 1.4%. As a result, Canada's merchandise trade balance with the world remained in a surplus position, widening from $736 million in July to $1.9 billion in August.
The federal agency reports that total exports increased to $54.4 billion, a third consecutive monthly gain. Exports were up in 6 of 11 product sections with energy products rising the most. Non-energy exports edged down 0.4%.
Total imports were down to $52.5 billion, dropping despite gains in a majority of product sections. Imports of motor vehicles and parts (-11.1%) accounted for most of the monthly change in total imports, as was also the case in July
Imports from the United States fell 6.2% in August to $32.2 billion, the largest decline since the historic drops in the first half of 2020. Exports to the United States decreased 0.7% in August to $40.8 billion. As a result, Canada's trade surplus with the United States widened from $6.8 billion in July to $8.6 billion in August, the largest monthly trade surplus with the United States in 13 years.
Imports from countries other than the United States increased 7.2%. Imports from China, Mexico and South Korea all posted large increases. Exports to those countries were up 5.5%. Canada's trade deficit with countries other than the United States widened from $6.0 billion in July to $6.7 billion in August.