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By: Alex Carrick on March 24th, 2021

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

Economic News

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 latest U.S. and Canadian foreign trade goods and services balances as of January 2021.

Graph 1: United States' Foreign Trade: Goods and Services Balance − January 2021

In Jan. 2021, the U.S. trade deficit was +1.9% m/m and +53.7% y/y (i.e., more than half again worse than in Jan. 2020).

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

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

Graph 2: Canada's Foreign Trade: The Merchandise Trade Balance − January 2021

Traditionally, the share of total Cdn exports going to the U.S. has been 3/4, while the share of imports from the U.S. has been 2/3. In Jan 2021, the respective figures weren't far off, 72.7% & 62.3%. The share of total imports from China was 9.1%.

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

Data source: Statistics Canada.
Chart: ConstructConnect.


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

About Alex Carrick

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.