Canadian international merchandise trade, September 2024
Released: 2024-11-05
In September, Canada's merchandise exports decreased 0.1%, while imports fell 0.4%. Consequently, Canada's merchandise trade deficit with the world narrowed from $1.5 billion in August to $1.3 billion in September.
Due to the implementation of the Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) digital initiative, results for September include greater use of estimation to provide a complete picture of Canada's merchandise imports. Please see the Note to readers section below for more details.
Consult the "International trade monthly interactive dashboard" to explore the most recent results of Canada's international trade in an interactive format.
Chart 1
Merchandise exports and imports
Offsetting movements in exports in September
Following a drop of 1.4% in August, total exports edged down 0.1% in September, a third consecutive monthly decrease. Despite this decline, more product sections increased (six) than decreased (five) in September. Lower prices were behind the monthly decrease in nominal exports; in real (or volume) terms, total exports rose 1.4%.
Chart 2
Contribution to the monthly change in exports, by product, September 2024
Exports of metal and non-metallic mineral products decreased 5.4% in September. This was mainly the result of lower exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold—which decreased 15.4% in September. Lower exports of refined gold to the United Kingdom, as well as lower transfers of gold to the United States, contributed the most to the decline. Despite the monthly decrease, exports of unwrought gold, silver, and platinum group metals, and their alloys were up 32.1% so far in 2024 compared with the same period in 2023.
Chart 3
Exports and imports of unwrought gold, silver, and platinum group metals, and their alloys
Exports of energy products decreased 2.6% in September, mostly because of lower exports of crude oil (-3.1%), which were down on lower prices. This marks a second consecutive monthly decline in crude oil prices as concerns over future oil demand continued in the month.
Chart 4
Exports of crude oil and bitumen
Exports of aircraft and other transportation equipment and parts (+10.3%) partially offset the overall decrease in September, mainly because of higher exports of aircraft. These exports tend to increase in the last month of a quarter, and in September 2024 they rose more than they typically do. There were higher shipments of private jets to the United States in the month. Exports of aircraft were up 9.9% since the beginning of 2024 compared with the same period in 2023. In 2023, these exports had reached their highest level since 2015.
Exports of forestry products and building and packaging materials (+5.3%) also increased in September. This was mainly the result of higher exports of pulp and paper (+12.2%). Exports of pulp and paper were back to more typical levels in September after falling 13.2% in August, a decline that coincided with rail transport work stoppages during that month.
Imports of gold down in September
Following a 0.5% increase in August, total imports decreased 0.4% in September. In real (or volume) terms, total imports were essentially unchanged in September.
Chart 5
Contribution to the monthly change in imports, by product, September 2024
Imports of metal and non-metallic mineral products decreased 12.7% and contributed the most to the overall decline in September. Following an increase of 65.9% in August, imports of unwrought gold, silver, and platinum group metals, and their alloys (-46.4%) posted the largest decrease in the product section. Since the beginning of the year, large monthly fluctuations have been observed in import values within this category. Fewer imports of unwrought gold from Switzerland and the United Kingdom were observed in September.
Imports of energy products (+13.6%) partially offset the overall decline in September. Imports of refined petroleum energy products rose 18.7%, contributing the most to the increase. This gain follows four consecutive months of lows for imports of refined petroleum energy products. In September, there were higher imports from Singapore, the United States and the Netherlands.
Imports within the "special transactions" category amounted to $2.4 billion in September, which represents almost double the August value. Estimates to account for outstanding September records related to the implementation of the CARM initiative are largely reflected in this category. A significant proportion of the value for September within this category is expected to be reallocated to other product categories as revisions are applied going forward (see the Note to readers below).
Trade surplus with the United States rises on higher exports
Exports to the United States were up 1.6% in September, partly because of higher exports of aircraft and unwrought gold. Meanwhile, imports from the United States increased 0.8%. As a result, Canada's merchandise trade surplus with the United States widened slightly from $7.8 billion in August to $8.3 billion in September.
Exports to countries other than the United States decrease
Exports to countries other than the United States fell 5.3% in September. Lower exports to the United Kingdom (unwrought gold) contributed the most to this drop. Exports to Switzerland (unwrought gold) were also down in September.
Imports from countries other than the United States fell 2.3% in September. Lower imports from Switzerland (unwrought gold) and the Netherlands (passenger cars and light trucks) contributed the most to the decrease.
Canada's trade deficit with countries other than the United States widened slightly from $9.3 billion in August to $9.6 billion in September.
Chart 6
International merchandise trade balance
Quarterly imports and exports edge down
After rising 0.3% in the second quarter, exports edged down 0.2% in the third quarter of 2024. Exports of motor vehicles and parts (-3.8%) contributed the most to the quarterly decrease.
Meanwhile, imports edged down 0.1% in the third quarter. After a strong second quarter, imports of motor vehicles and parts (-6.0%) were the largest contributor to the decline. This was partially offset by higher imports of metal and non-metallic mineral products (+7.1%).
Canada's quarterly merchandise trade deficit widened slightly from $2.8 billion in the second quarter to $3.0 billion in the third quarter.
In real terms, quarterly exports increase, while imports edge down
In real terms (calculated using chained 2017 dollars), exports increased 0.3% in the third quarter. Exports of energy products posted the largest quarterly increase, in part because of the new crude oil deliveries from Western Canada via the Trans Mountain pipeline. Meanwhile, real imports edged down 0.2% in the third quarter, led by lower imports of motor vehicles and parts (-5.7%).
Revisions to August merchandise export and import data
Imports in August, originally reported at $65.4 billion in the previous release, were essentially unchanged in the current reference month's release. Exports in August, originally reported at $64.3 billion in the previous release, were revised to $64.0 billion in the current reference month's release.
Monthly trade in services
In September, monthly service exports were up 1.6% to $17.2 billion. Meanwhile, imports of services edged up 0.3% to $18.4 billion.
When international trade in goods and services are combined, exports edged up 0.2% to $81.1 billion in September, while imports decreased 0.3% to $83.5 billion. As a result, Canada's total trade deficit with the world went from $2.9 billion in August to $2.5 billion in September.
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Note to readers
Information on concepts and methods used for the monthly release of Canada's international merchandise trade is now available online. Please see "Notes on the monthly release of Canadian international merchandise trade" for more details.
For a detailed overview of the Canadian International Merchandise Trade program, please see "Guide to Canadian International Merchandise Trade Statistics."
Important changes to the collection of data on Canada's imports with the release of CBSA Assessment and Revenue Management (CARM)
Statistics Canada has previously communicated with users of international merchandise trade statistics on changes to final accounting data, the primary input source for statistics on Canada's merchandise imports, as a result of the Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) digital initiative.
The September reference month marks the final month in which the B3 final accounting forms are the primary source for statistics on Canada's merchandise imports. Importers were unable to submit final accounting declarations to the CBSA during the October 4 to October 20 cutover period required for the implementation of CARM. The B3 final accounting forms were retired from use at the beginning of the cutover period and are not available in the CARM digital solution.
With Statistics Canada's cut-off for collection of September 2024 transactions occurring during the cutover period, analysis indicates that more data will be received after this deadline than what is observed in a typical month. Strategies for producing estimates to account for the late receipt of data have been enhanced to ensure the comprehensiveness of merchandise trade statistics for the month of September.
Canadian International Merchandise Trade statistics are produced on both a customs basis and a balance of payments basis. Customs basis statistics are highly detailed and multi-dimensional, while more aggregated balance of payments basis statistics are aligned with Canada's macroeconomic accounting framework and are the source for key indicators related to merchandise trade. Within the customs basis statistics, the use of estimates for the month of September was more limited compared with the balance of payments basis statistics. In both instances, there was greater reliance on placeholder estimates within the special transactions category in September 2024 than what is observed in a typical month. A significant proportion of the value for September within this category is expected to be reallocated to other product categories as revisions are applied going forward.
Following the external launch of the CARM system on October 21, Statistics Canada is now receiving final accounting information from the new Commercial Accounting Declaration (CAD) form. This information may be used in the context of the third quarter releases of the balance of payments and gross domestic product at the end of November, and to replace estimates in subsequent publications of monthly international merchandise trade statistics.
The October reference month will mark the first month in which the CAD form will be used as the primary source for statistics on Canada's merchandise imports. Statistics Canada will be closely monitoring incoming data with additional emphasis on quality assurance, and preparing to respond to impacts resulting from the transition to CARM.
Users of these statistics should be aware of the increased likelihood of larger revisions in the months following the implementation of CARM. Additionally, the reported information under the new collection system could lead to changes in patterns in import data. This may be more apparent at lower levels of aggregation. Statistics Canada will provide further updates as new information becomes available.
Real-time data table
The real-time data table 12-10-0165-01 will be updated on November 18.
Next release
Data on Canadian international merchandise trade for October will be released on December 5.
Products
The product "International trade monthly interactive dashboard" (71-607-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" (71-607-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 (71-607-X), a modern tool that provides trade data users with a number of enhancements.
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).
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