Canada posts $1.9B trade deficit in 2023

By Ovunc Kutlu

ISTANBUL (AA) - Canada posted a trade deficit of $1.9 billion for the year of 2023, according to figures released Thursday by Statistics Canada.

The total value of Canada's annual merchandise exports decreased 1.4% to $768.2 billion last year, while the value of annual imports rose 1.4% to $770.2 billion, the agency said in a statement.

The North American economy saw a trade surplus of $19.7 billion in 2022.

"The year 2022 was defined by a strong increase in prices, which had begun to rise in 2021, as economic activity—which ramped up after months of weakness due to the COVID-19 pandemic—led to an imbalance in supply and demand for many products," said the statement.

Statistics Canada said motor vehicles gave a boost to the country's trade activity in 2023.

"Exports of motor vehicles and parts increased 26.1% to $102.0 billion in 2023, which is not only an all-time high, but the first annual result to top the pre-pandemic levels of 2019," it added.