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- Merchandise imports and exports both increased in July due to broad-based growth in volumes. Imports were up 8.3% to $31.7 billion while exports grew 3.3% to $30.3 billion. As a result, Canada registered a trade deficit of $1.4 billion in July compared to a trade surplus of $37 million in June.
- The gain in imports halted four consecutive months of decline and was the result of an 8.7% rise in volumes as prices edged down 0.4%. Although the increases were widespread, machinery and equipment, automotive products and energy products were the main sources of growth.
- The second consecutive monthly increase in exports was attributable to a 5.9% increase in volumes as prices declined 2.4%. Higher exports of machinery and equipment and automotive products led the increase in overall exports. Declines in exports of energy products tempered the gain.
- The trade surplus with the United States shrank to $1.9 billion in July from $3.2 billion in June as the growth in imports outpaced the increase in exports. Imports from the United States rose 9.9% mainly as a result of higher imports of organic chemicals and aircraft. Exports were up 2.5% mostly due to increases in exports of aircraft.
- Imports and exports to countries other than the United States both advanced 5.7% and the trade deficit with this group of countries grew to $3.4 billion in July from $3.2 billion in June.
Note to readers
Merchandise trade is one component of Canada's international balance of payments, which also includes trade in services, investment income, current transfers as well as capital and financial flows.
International merchandise trade data by country are available on both a balance of payments and a customs basis for the United States, Japan and the United Kingdom. Trade data for all other individual countries are available on a customs basis only. Balance of payments data are derived from customs data by making adjustments for characteristics such as valuation, coverage, timing and residency. These adjustments are made to conform to the concepts and definitions of the Canadian System of National Accounts.
Constant dollars referred to in the text are calculated using the Laspeyres volume formula.
Revisions
In general, merchandise trade data are revised on an ongoing basis for each month of the current year. Current year revisions are reflected in both the customs and balance of payments based data. Revisions to customs based data for the previous year are released on a quarterly basis. Revisions to balance of payments based data for the three previous years are released annually in June.
Factors influencing revisions include late receipt of import and export documentation, incorrect information on customs forms, replacement of estimates with actual figures, changes in classification of merchandise based on more current information, and changes to seasonal adjustment factors.
Revised data are available in the appropriate CANSIM tables.
Historical updates covering the period of 1988 to 2003 are released today. These updates are the result of historical inconsistencies relating to the integrity between trade data and the underlying metadata and are minimal in dollar value.
For more information, view the document entitled “CANSIM notes - Historical updates” under the definitions, data source and methods page, survey number 2201.
