The goods and services deficit was $948.1 billion for the whole year of 2022, up 12.2% or $103 billion from the previous year. While imports increased by 16.3% to a total of $3.96 trillion, exports soared by 17.7% to reach $3.01 trillion.
December 2022: Canadian International Merchandise Trade
Canada’s goods exports fell 1.2% in December, mostly due to a decline in the sale of energy items. In the meantime, imports decreased by 1.3%, mostly because less consumer products were imported.
Canada’s merchandise trade imbalance with the rest of the world decreased as a consequence, falling from $219 million in November to $160 million in December.
Exports as a whole decreased 1.2% in December to $63.0 billion, the lowest level since February 2022. Excluding energy items, exports saw a different trend, rising by 0.8%.
The amount of all imports decreased 1.3% in December to $63.1 billion, the lowest amount since March 2022. Seven of the eleven product areas had decreases, however the reduction in imports was mostly due to unfavorable changes in the consumer goods and motor vehicles and components product sections.