Canada Trade Gap Widens In May


Canada's trade deficit Increased to CAD 1.08 billion in May 2017, following an upwardly revised CAD 0.55 billion shortfall in the previous month and worse than market expectations of a CAD 0.53 billion deficit. Exports were up 1.3 percent, due to higher sales of metal and non-metallic mineral products and motor vehicles and parts. Imports rose at a faster 2.4 percent, driven by an increase in aircraft purchases.

Total exports rose 1.4 percent to a record high of CAD 48.7 billion. Sales grew strong for metal and non-metallic mineral products (11.1 percent) and motor vehicles and parts (3.6 percent) while energy products shipments declined 9 percent.  Sales excluding energy increased 3.6 percent.

Exports to the United States edged down 0.3 percent to CAD 36.3 billion. In contrast, exports to countries other than the United States advanced 6.2 percent as exports of unwrought gold surged to the United Kingdom.  

Total imports increased 2.4 percent to also a new record high of CAD 49.8 billion. The main positive contribution came from imports of aircraft and other transportation equipment and parts (45.9 percent), motor vehicles and parts (3.7 percent), and energy products (6.5 percent). 

Imports from the United States advanced 3.6 percent to a record high CAD 32.7 billion. Imports from countries other than the United States edged up 0.2%, as higher imports from Saudi Arabia (crude oil), China and Belgium were largely offset by lower imports from Germany (passenger cars).

Year-on-year, exports rose 17.8 percent and imports by 10.2 percent.


Statistics Canada |Luisa Carvalho | luisa.carvalho@tradingeconomics.com
7/6/2017 4:49:00 PM