Canada Trade Deficit Widens in August


Canada's merchandise imports grew 0.7% and exports increased 0.5% in August. As a result, Canada's trade deficit with the world went from $539 million in July to $622 million in August.

Imports increased to $38.5 billion as prices were up 0.8% and volumes decreased 0.1%. All sectors except energy products recorded price increases.

Exports rose to $37.9 billion, as higher prices were recorded in most sectors. Prices increased 1.6% while volumes declined 1.1%. Machinery and equipment, and industrial goods and materials were the main contributors to the gain in the value of exports. Both sectors were up for a fourth consecutive month.

Exports to the United States were down 2.3% to $26.6 billion. Imports from the United States rose 2.0% to $24.1 billion in August, the highest level since October 2008. Canada's trade surplus with the United States decreased from $3.7 billion in July to $2.5 billion in August.

Exports to countries other than the United States increased 7.9% to a record high of $11.2 billion. This represented a fourth consecutive monthly gain. Imports from countries other than the United States fell 1.4% to $14.4 billion. Consequently, Canada's trade deficit with countries other than the United States declined from $4.2 billion in July to $3.2 billion in August.


TradingEconomics.com, Statistics Canada
10/13/2011 1:48:32 PM