Canada Trade Deficit Biggest in 9 Months


Canada's merchandise trade balance with the world posted a CAD 3.6 billion deficit in June, widening from a CAD 1.4 billion deficit in May. Exports fell 4.3 percent to CAD 46.5 billion in June. This sharp decrease was mainly due to lower exports of unwrought gold and energy products. Imports edged up 0.3 percent to CAD 50.1 billion, led by an increase in gold bullion.

Total exports declined 4.3 percent to a CAD 46.5 billion. Metal and non-metallic mineral products (-14.9 percent) and energy products (-9.2 percent) were the largest contributors to the decrease. Sales excluding energy declined 3.4 percent.

Exports to the United States fell 4.5 percent to CAD 34.5 billion. In addition, exports to countries other than the United States were also down 4 percent, mainly due to lower exports of unwrought gold to the United Kingdom as well as lower exports of coal to Japan.

Total imports also went up 0.3 percent to a new record high of CAD 50.1 billion. The main positive contributions came from metal ores and non-metallic minerals (39.1 percent); other metal ores and concentrates  (48.8 percent) and aircraft and other transportation equipment and parts (11.7 percent).

Imports from the United States fell 0.7 percent to CAD 32.4 billion. Imports from countries other than the United States were up 2.1 percent, led by Brazil (bauxite) and South Korea (passenger cars).

Year-on-year, exports rose 12.4 percent and imports by 10.4 percent.

Statistics Canada |Luisa Carvalho |Luisa Carvalho | luisa.carvalho@tradingeconomics.com
8/4/2017 1:35:18 PM