Canada Trade Gap at Near-Record High in May


Canada's merchandise trade deficit came in at CAD 3.28 billion in May of 2016, virtually unchanged from a record high of CAD 3.32 billion gap in the previous month and missing market consensus. Exports dropped 0.7 percent and imports fell at a faster 0.8 percent.

Total exports decreased 0.7 percent to CAD 41.1 billion. Exports of metal and non-metallic mineral products declined 5.4 percent, as unwrought precious metals and precious metal alloys decreased 21 percent on lower exports of unwrought gold to the United Kingdom. Exports of industrial machinery, equipment and parts declined 4.9 percent, dragged lower by a 25 percent drop of commercial and service industry machinery. There were lower exports of farm, fishing and intermediate food products, down 4.2 percent, with wheat exports leading the decline and falling 28 percent on lower volumes.

Total imports fell 0.8 percent to CAD 44.4 billion. After reaching a record high in April, imports of aircraft and other transportation equipment and parts fell 23.5 percent; and imports of metal ores and non-metallic minerals decreased 24.2 percent, as other metal ores and concentrates declined 29.3 percent, mostly on lower imports from the Dominican Republic and Peru. Imports of metal and non-metallic mineral products also declined 3.9 percent, mainly due to a 27 percent fall in imports of unwrought precious metals and precious metal alloys. In contrast, imports of energy products rose 18.2 percent and imports of basic and industrial chemical, plastic and rubber products gained 4.8 percent.

Canada Trade Gap at Near-Record High in May


Statistics Canada | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/6/2016 2:17:03 PM