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Canada Current AccountCanada reported a current account deficit equivalent to 11.0 Billions CAD in June of 2010. International trade makes up a large part of the Canadian economy. Exports amount to more than 45% of its GDP. The United States is by far its largest trading partner, accounting for about 79% of exports and 54% of imports as of 2008. Canada is one of the few developed nations that are a net exporter of energy. Canada imports mostly machinery and equipment, motor vehicles and parts, electronics, chemicals, electricity and durable consumer goods. This page includes: Canada Current Account chart, historical data and news.
| Year | Mar | Jun | Sep | Dec |
| 2010 | -8.5 | -11.0 | | |
| 2009 | -7.1 | -12.5 | -13.8 | -10.2 |
| 2008 | 6.2 | 5.5 | 2.8 | -7.5 |
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Canada Trade Deficit Rises in June
Published:
8/11/2010 10:32:35 AM
By:
TradingEconomics.com, Reuters
Canada posted a trade deficit in June that was more than three times expectations, dragged down by exports of industrial goods and materials.
The shortfall in June totaled C$1.13 billion ($1.06 billion) as the trade deficit ballooned from a revised C$695 million in May. The prior month was originally reported at a C$503 million deficit.
Exports dropped 2.5 percent in June to C$33.5 billion from C$34.4 billion in May, as exports of industrial goods and materials fell for a third straight month.
Imports at C$34.6 billion were exactly on expectations, reflecting a drop in energy products.
Canada's trade surplus with the United States narrowed to C$3.03 billion from C$3.45 billion. Meanwhile, the nation's deficit with countries other than the United States widened to C$4.16 billion from C$4.14 billion, the largest since December 2009.
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Canada Economic News
Canadian Growth Slowed in Second Quarter
Published: 9/5/2010 2:10:39 PM
By: TradingEconomics.com, WSJ
The Canadian economy in the second quarter expanded at less than half the pace set in the first three months of the year, undercutting economists’ expectations and raising questions about whether the country’s central bank will tighten interest rates next week.
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Canada's Inflation Rises in July
Published: 8/20/2010 12:20:31 PM
By: TradingEconomics.com, Statistics Canada
Consumer prices rose 1.8% in the 12 months to July, following a 1.0% increase in June. In July, consumer prices were affected by changes in consumption taxes in Nova Scotia, Ontario, and British Columbia.
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Canada Trade Deficit Rises in June
Published: 8/11/2010 10:32:35 AM
By: TradingEconomics.com, Reuters
Canada posted a trade deficit in June that was more than three times expectations, dragged down by exports of industrial goods and materials.
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Canada Unexpectedly Lost Jobs in July
Published: 8/6/2010 9:47:38 AM
By: TradingEconomics.com, Bloomberg
Canada unexpectedly lost jobs in July and the country’s unemployment rate increased because of a drop in full-time jobs at schools and in the finance industry.
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Canada Economy Rises 0.1% in May
Published: 8/2/2010 4:08:50 AM
By: TradingEconomics.com, Bloomberg
Canada’s gross domestic product expanded in May after stalling the month before, with mining and oil leading increased goods production, while wholesale and real estate activity declined.
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Canada June Inflation Rate Slows to 1%
Published: 7/23/2010 10:11:52 AM
By: TradingEconomics.com, Bloomberg
Canada’s annual inflation rate slowed in June as gasoline prices fell for the first time since October 2009 while the costs of home upkeep and car insurance advanced.
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Canada Raises Key Rate to 0.75%
Published: 7/20/2010 11:04:44 AM
By: TradingEconomics.com, Bank of Canada
The Bank of Canada raised its benchmark lending rate for a second month, and said that slower economic growth through next year means any future moves will be “weighed carefully.”
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Canada Records Third Straight Trade Deficit in May
Published: 7/13/2010 9:49:08 AM
By: TradingEconomics.com, Bloomberg
Canada reported a third straight merchandise trade deficit in May, as imports of machinery and equipment outpaced gains in exports, government figures showed.
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Canada Jobless Rate Falls to 7.9%
Published: 7/9/2010 9:15:05 AM
By: TradingEconomics.com, Bloomberg
Canada’s job creation was almost five times more than economists expected in June, restoring most of the country’s job losses since 2008 and bolstering the case for the central bank to raise interest rates for a second month.
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Canada's Economy Stalls in April
Published: 6/30/2010 9:37:53 AM
By: TradingEconomics.com, Bloomberg
Canada’s gross domestic product unexpectedly stalled in April after seven previous gains, as retailing and manufacturing declined while mining and wholesaling advanced.
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Current Account Definition
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). The balance of trade is typically the most important part of the current account. This means that changes in the patterns of trade are key drivers in the current accounts of most of the world's economies. However, for the few countries with substantial overseas assets or liabilities, net factor payments may be significant.
Positive net sales to abroad generally contributes to a current account surplus; negative net sales to abroad generally contributes to a current account deficit. Because exports generate positive net sales, and because the trade balance is typically the largest component of the current account, a current account surplus is usually associated with positive net exports.
The net factor income or income account, a sub-account of the current account, is usually presented under the headings income payments as outflows, and income receipts as inflows. Income refers not only to the money received from investments made abroad (note: investments are recorded in the capital account but income from investments is recorded in the current account) but also to the money sent by individuals working abroad, known as remittances, to their families back home. If the income account is negative, the country is paying more than it is taking in interest, dividends, etc. For example, the United States' net income has been declining exponentially since it has allowed the dollar's price relative to other currencies to be determined by the market to a point where income payments and receipts are roughly equal
of trade forms part of the current account, which also includes other transactions such as income from the international investment position as well as international aid. If the current account is in surplus, the country's net international asset position increases correspondingly. Equally, a deficit decreases the net international asset position.
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