The Daily — Canadian international merchandise trade, June 2024 (2024)

Released:2024-08-06

In June, Canada's merchandise exports increased5.5%, while imports rose1.9%. Consequently, after three consecutive monthly deficits, Canada's merchandise trade balance with the world moved from a deficit of $1.6billion in May to a surplus of $638million in June. The June surplus is close to the typical bounds for monthly revisions applied to imports and exports in subsequent months.

Consult the "International trade monthly interactive dashboard" to explore the most recent results of Canada's international trade in an interactive format.

Exports of crude oil and gold rise sharply in June

Total exports were up5.5% in June, the largest percentage increase since February2024. Overall,9of the11product sections increased. In June, crude oil and unwrought gold accounted for more than three-quarters of the increase in the value of total exports. In real (or volume) terms, exports rose3.8% in June.

Exports of energy products were up11.7% in June, led by higher exports of crude oil (+13.3%). While prices for crude oil exports rose in June, volumes were the largest contributor to the increase. The higher exported volumes were driven in part by higher exports of crude oil to Asian countries. The rise in exports destined to this part of the world reflects increased deliveries of crude oil from Western Canada via the Trans Mountain pipeline, whose expansion was recently completed.

Following a7.3% decline in May, exports of metal and non-metallic mineral products were up11.8% in June. Exports of unwrought gold, silver and platinum group metals and their alloys—a category largely composed of unwrought gold—posted the largest increase (+35.3%). In the first half of2024, large monthly fluctuations were observed in export values of unwrought gold, with the absolute monthly variation rate standing at28.5% for the year thus far. The geopolitical context and high demand for gold are contributing factors to this volatility. In June, exports of unwrought gold to the United Kingdom rose considerably, driven by higher deliveries of refined gold.

Record imports of passenger cars and light trucks

Total imports increased1.9% to $66.0billion in June, a level virtually identical to the all-time high seen in June2022. Overall, increases were observed in9of the11product sections in June2024. In real (or volume) terms, total imports increased1.3%.

After declining4.2% in May, imports of motor vehicles and parts rose5.1% in June, contributing the most to the increase in total imports. Imports of passenger cars and light trucks were up8.2% to a record $6.8billion in June, a fourth increase in five months. This recent growth occurred amid a recovery from production disruptions and delayed deliveries in the United States in late2023and early2024.

Imports of consumer goods (+3.7%) also contributed to the increase in June. Following two consecutive monthly declines, imports of pharmaceutical products (+16.9%) rose the most, largely driven by higher imports from the United States and Ireland.

These gains were partly offset by lower imports of metal ores and non-metallic minerals (-17.1%) in June. After rising27.1% in May, imports of other metal ores and concentrates dropped18.5% in June. As in May, imports of gold for refining and copper ores and concentrates contributed the most to the monthly variation in June.

The trade surplus with the United States widens for a third consecutive month

Exports to the United States were up2.6% in June, a third consecutive monthly increase, while imports from the United States rose1.7%. As a result, Canada's trade surplus with the United States widened from $8.8billion in May to $9.4billion in June, the largest surplus since November2023.

The trade deficit with countries other than the United States narrows on a rebound of exports

After falling13.0% in May, exports to countries other than the United States rebounded15.7% in June. Gains were observed in exports to the United Kingdom (unwrought gold), India (crude oil and copper ore) and Italy (aircraft). Meanwhile, imports from countries other than the United States posted a more modest increase of2.1%. Imports from China (various products), Mexico (light trucks) and South Korea (various products) saw the largest increases in June.

As a result, Canada's trade deficit with countries other than the United States narrowed from $10.4billion in May to $8.7billion in June.

Quarterly imports and exports increase

After edging up0.1% in the first quarter of2024, imports rose2.0% in the second quarter. This increase was driven by higher imports of motor vehicles and parts (+5.1%) and metal and non-metallic mineral products (+7.9%).

After falling0.9% in the first quarter, exports were up1.1% in the second quarter. Exports of aircraft and other transportation equipment and parts (+12.8%) and energy products (+2.0%) contributed the most to the quarterly increase. However, these gains were partly offset by lower exports of motor vehicles and parts (-3.1%). This was the third consecutive quarterly decrease for this product section.

In real terms, quarterly imports increase, while exports decline

In real terms (calculated using chained2017dollars), imports increased0.3% in the second quarter. The product sections that drove the increase in nominal terms also contributed the most in real terms. Meanwhile, real exports fell0.4% in the second quarter. This decline was led by lower exports of metal and non-metallic mineral products.

Revisions to May merchandise export and import data

Imports in May, originally reported at $64.4billion in the previous release, were revised to $64.8billion in the current reference month's release. Exports in May, originally reported at $62.4billion in the previous release, were revised to $63.2billion in the current reference month's release.

Monthly trade in services

In June, monthly service exports were up0.6% to $17.2billion. Meanwhile, imports of services increased1.6% to $18.3billion.

When international trade in goods and services are combined, exports increased4.4% to $83.8billion in June, while imports rose1.8% to $84.3billion. As a result, Canada's total trade deficit with the world went from $2.6billion in May to $501million in June.

Products

The product "International trade monthly interactive dashboard" (Catalogue number71-607-X) is now available. This new interactive dashboard is a comprehensive analytical tool that presents monthly changes in Canada's international merchandise trade data on a balance-of-payments basis, fully supporting the information presented every month in the Daily release.

The product "The International Trade Explorer" (Catalogue number71-607-X) is now available online.

The online Canadian International Merchandise Trade Database is no longer available. It has been replaced by the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X), a modern tool that provides trade data users with a number of enhancements.

The updated "Canada and the World Statistics Hub" (Catalogue number13-609-X) is now available online. This product illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, the United Kingdom, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).