In December, Canada's trade surplus with the United States widened to $11.3 billion, buoyed by a notable increase in exports, according to the latest data from Statistics Canada. This marked a significant shift as overall exports rose by 4.9 per cent, reaching $69.5 billion. Meanwhile, imports from the U.S. fell by 1.5 per cent, contributing to the surplus. A key driver behind the rise in exports was the energy sector, which saw a 9.5 per cent increase, largely fueled by an 11 per cent growth in crude exports due to higher oil prices.
December also witnessed a global trade surplus in goods amounting to $708 million, making it the first merchandise trade surplus since February 2024. The stronger U.S. economy has played a substantial role in amplifying demand for Canadian imports, providing a boost to Canada's export figures. However, despite the monthly gains, Canada's annual merchandise trade surplus with the U.S. decreased to $102.3 billion for 2024. When accounting for services, the surplus further narrows to $94.4 billion.
Alongside energy products, exports of metal and non-metallic mineral products also reached new heights in December, climbing by 9.2 per cent to a record $10 billion. This surge was propelled by a substantial 63.3 per cent rise in unwrought nickel and nickel alloys exports. Such gains offset Canada's deficit in manufacturing and services sectors, which continue to challenge the nation's trade balance.
Despite these positive developments, Canada's softening economy presents ongoing challenges, leading to a decrease in exports over time. While total imports rose by 2.3 per cent to $68.8 billion in December, the overall annual performance indicates underlying economic pressures.
