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Economic

1,000-Word Charts: U.S. and Canada's Foreign Trade - July 2021

Alex Carrick
1,000-Word Charts: U.S. and Canada's Foreign Trade - July 2021

Due to its complexity, much of the subject matter concerning the economy requires detailed editorial commentary, often supported by relevant tables and graphs.

At the same time, though, there are many topics (e.g., relating to demographics, housing starts, etc.) that cry out for compelling ‘shorthand’ visualizations.

Whichever path is followed, the point of the journey, almost always, is to reach a bottom line or two.

To provide additional value, ConstructConnect is now pleased to offer an ongoing series of 1,000-word charts.

These will help readers sort out the ‘big picture’ more clearly.

These 1,000-word charts look at the U.S. and Canada’s foreign trade, as of July 2021.

Graph 1: United States’ Foreign Trade: Goods and Services Balance − July 2021

In July 2021, the U.S. trade deficit decreased (i.e., improved) month to month by -4.3%; but on a year-over-year basis, it was higher (i.e., worsened) by +15.3%.

The last data point is for July 2021.
Based on seasonally adjusted monthly figures, projected at an annual rate.

Data source: Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 2: Geographic Sources of U.S. Total Foreign Trade Deficit in Goods – July 2021

Several years ago, China routinely accounted for as much as 1/2 of America's total foreign trade deficit each month. Since then, China's share has dropped significantly. In June, China's share dropped to a little under 30%. In July, it rose again, but only slightly, to account for 30.6%.

Data source: U.S. Census Bureau and Bureau of Economic Analysis (BEA).
Chart: ConstructConnect.

Graph 3: Canada’s Foreign Trade: The Merchandise Trade Balance − July 2021

Traditionally, Cdn exports going to the U.S. have been 3/4 of total; with imports from the U.S. at 2/3 of total. In July 2021, exports followed their usual pattern, at 75.9%. Imports were also close to their norm, at 64.4%. Purchases from China were 7.4% of total Cdn imports.

The last data point is for July 2021.
Based on seasonally adjusted monthly figures, projected at an annual rate.

Data source: Statistics Canada.
Chart: ConstructConnect.

Graph 4: Provincial Export Sales, Jan-Jul 2021
Ranked by $ Volume (also showing YTD % changes – i.e., vs Jan-Jul 2020)

Canada's total goods exports in Jan-Jul 2021 were +22.0% vs Jan-Jul 2020.

Data source: Statistics Canada.
Chart: ConstructConnect.

Graph 5: Canada’s Key Export Product Sales by Province

Energy product exports from Saskatchewan (+56.6% ytd) & Alberta (+48.1%) and forestry product exports from B.C. (+72.6%) have been doing exceptionally well.

Data source: Statistics Canada Table 12-10-0119-01.
Chart: ConstructConnect.


Please click on the following link to view the latest Foreign Trade charts and tables: CanaData Forecaster Charts & Tables – Foreign Trade


Alex Carrick is Chief Economist for ConstructConnect. He has delivered presentations throughout North America on the U.S., Canadian and world construction outlooks. Mr. Carrick has been with the company since 1985. Links to his numerous articles are featured on Twitter @ConstructConnx, which has 50,000 followers.

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