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Canada trade deficit biggest in 9 months

Staff Writer |
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% to CAD 46.5 billion in June.

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This sharp decrease was mainly due to lower exports of unwrought gold and energy products.

Imports edged up 0.3% to CAD 50.1 billion, led by an increase in gold bullion.

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

Sales excluding energy declined 3.4%.

Exports to the United States fell 4.5% to CAD 34.5 billion. In addition, exports to countries other than the United States were also down 4%, 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% to a new record high of CAD 50.1 billion. The main positive contributions came from metal ores and non-metallic minerals (39.1%); other metal ores and concentrates (48.8%) and aircraft and other transportation equipment and parts (11.7%).

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

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


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