Language selection


Monthly Trade Report – July 2023

PDF Version (881 KB)


Data: Statistics Canada Tables 12-10-0011-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.

Industry view - exports

Exports increased month-over-month in 7 of the 11 goods categories, but decreased in 3 of the 4 service sectors.

Exports of aircraft and other transportation equipment and parts contributed the most to the increase in goods exports, jumping 23.4% to reach a record of $3.2 billion. Meanwhile, exports of farm, fishing and intermediate food products rose 9.7%, reversing four consecutive months of declines. The increase was helped by the fact that grain terminals in B.C. remained active during the July strike, which allowed Canadian grain shipments to continue.

These gains were partially offset by decrease in exports of metal and non-metallic mineral products (-8.6%), especially lower exports of unwrought gold. Products typically exported through B.C. ports such as coal, potash, pulp and paper also saw notable declines in July due to the strike.

For services, exports of commercial services edged down 0.4% due to lower financial service exports. Exports of transportation services also declined 0.4%.

Data: Statistics Canada Tables 12-10-0121-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.

Industry view - imports

Imports decreased month-over-month in 9 of the 11 goods categories, and 2 of the 4 service sectors.

Most notably, imports of metal and non-metallic mineral products dropped 25.3%, driven by a fall in imports of unwrought gold. At the same time, the B.C. port strike adversely affected imports from trade partners on the Pacific Rim, such as China, Taiwan, South Korea, Peru and Japan. As a result, consumer goods imports fell 4.9%, with sharp declines observed in imports of clothing, footwear and accessories (-13.6%). Imports of electronic and electrical equipment and parts (-6.4%), as well as imports of industrial machinery, equipment and parts (-6.1%) also dropped.

The B.C. port strike also created spillover effects on imports of transportation services. The category dropped 9.9% on the back of lower payments for marine transportation services in July. In contrast, travel service imports rose 13.6% as Canadian travellers returned from the U.S.

Data: Statistics Canada Tables 12-10-0121-01 and 12-10-0144-01. Balance of payments basis, seasonally adjusted.

Global markets

Goods exports to the U.S. rose 1.5% in July, partially due to higher exports of private jets and commercial aircraft. On the other hand, goods imports ticked down 0.6%. As a result, Canadian goods trade surplus with the U.S. widened to $7.4 billion in July from $6.4 billion in June

Goods exports to China jumped 31.0%, driven mainly by increases in exports of canola and wheat. On the other hand, imports plummeted 27.2%, with widespread declines observed across different products, as non-grain imports which typically rely on B.C. port terminals were affected by the strike.

Goods exports to the European Union declined by 7.1% and imports dropped 4.3%. Lower exports of pharmaceutical products and crude oil to Italy, and a decline in imports of passenger cars from Germany were notable.

In sum, imports from trade partners outside the U.S. decreased 13.2% while exports to these markets were down 2.0%. Therefore, Canada’s goods trade deficit with trade partners other than the U.S. narrowed to $8.4 billion. 

Data: Statistics Canada Table 12-10-0011-01. Balance of payments basis, seasonally adjusted.

Prices and volumes

In real (or volume) terms, goods imports and exports both declined in July. Export volumes fell by 0.2%, while import volumes declined by 4.4%.

Export prices reversed their 8-month downwards streak by posting a 0.9% increase in July. On the other hand, import prices continued their downwards trajectory for the fourth consecutive month, declining by 1.1% in July.

The price of WTI crude oil price averaged US $76.07 per barrel in July, which represents a growth of 8.3% from the previous month. Still, the price of WTI crude oil remains significantly lower than July of last year (-25.1%).

The CAD to USD exchange rate remained stable, inching up slightly from 0.7526 in June to 0.7567 in July.

Data: Statistics Canada Table 12-10-0128-01. Balance of payments basis, seasonally adjusted.

What to watch

Report a problem on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, please contact us.

Date Modified: