September 9, 2022
Statistics Canada announced that the country's merchandise exports decreased 2.8% in July, while imports were down 1.8%.
As a result, Canada's merchandise trade surplus with the world narrowed from $4.9 billion in June to $4.1 billion in July. So far in 2022, trade surpluses have been observed in every month.
The Federal Agency notes that declines were observed in 6 of the 11 product sections. Exports of consumer goods (-14.3%) decreased the most. Exports of energy products fell 4.2%. Exports of metal and non-metallic mineral products decreased 8.4%. Exports of farm, fishing and intermediate food products (+9.1%) partially offset the overall decrease in total exports in July, mainly because of higher exports of wheat.
Total imports totaled $64.2 billion, the first decrease since January. Declines were observed in 7 of the 11 product sections.
Exports to the United States decreased 2.2% in July, partly because of lower exports of crude oil and pharmaceutical products. Meanwhile, imports from the United States increased 0.7%. As a result, Canada's merchandise trade surplus with the United States narrowed from $13.3 billion in June to $11.8 billion in July.
Imports from countries other than the United States decreased 5.7% in July, while exports to those countries were down 4.8% in July. The merchandise trade deficit with countries other than the United States narrowed from $8.4 billion in June to $7.8 billion in July, the lowest recorded deficit since January.