OTTAWA, Feb. 7 (Xinhua) -- Canada's annual merchandise trade was essentially balanced with higher imports and lower exports in 2023, Statistics Canada said Wednesday.
According to the national statistical agency, trade balance moved from a surplus of 19.7 billion Canadian dollars (14.6 billion U.S. dollars) in 2022 to a slight deficit of 1.4 billion Canadian dollars (1 billion U.S. dollars) in 2023.
The change in trade balance was attributable to higher imports with a sharp increase in imports of motor vehicles and parts combined with a decrease in exports driven by a large decline in exports of energy products, the agency said.
In terms of trade activity, Canada's total merchandise trade remained essentially unchanged in 2023, standing at 1.5 trillion Canadian dollars (1.1 trillion U.S. dollars) for a second consecutive year, Statistics Canada said.
