Canada Balance Commerciale

Canada posted a trade surplus of C$0.7 billion in December of 2024, swinging from the upwardly revised deficit of C$1 billion in the previous month, and loosely in line with market expectations of a C$0.75 billion surplus. Exports of goods jumped by 4.9% from the previous month to C$69.5 billion, the third highest reading on record, amid strong sales of energy products (9.5%), metal and non-metallic minerals (9.2%), and motor vehicles (3.9%). In the meantime, imports rose by 2.3% to a record high of $68.8 billion, amid higher purchases of consumer goods (4.7%) and non-metallic mineral products (8.7%). The rise in trade turnover was supported by the sharp depreciation in the Canadian dollar, inflating trade turnover expressed in US dollars that are used for transactions. In turn, the Canadian trade surplus with the US was at $102.3 billion for 2024, narrowing from $108.3 billion in 2023, ahead of potential tariffs by the US.