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Free AccessCanada June Trade Deficit Widens To C$3.6B From C$1.4B>
By Courtney Tower
Ottawa (MNI) - The Canadian goods trade deficit widened to C$3.6
billion in June from C$1.4 billion in May, Statistics Canada reported
Friday, with exports falling 4.3% while imports edged up 0.3%.
Analysts surveyed by MNI had expected a C$1.3 billion deficit in
June.
In the second quarter the total trade deficit soared to C$5.9
billion from C$2.0 billion in the first quarter this year. Imports were
up 5.6% from a 3.4% rise in the first quarter. Exports were up 2.8% from
a 1.3% increase in the first quarter.
Statistics Canada reported that exports in June fell 4.3% to C$46.5
billion after three consecutive monthly record highs, with nine of 11
sections decreasing.
Canada's 4.3% drop in total exports in June was the largest since
February 2016. Export volumes were down 1.7% and prices fell 2.7%.
Imports edged up 0.3% to C$50.1 billion on an 0.8% increase in
volumes but a 0.5% decrease in prices.
In June, there were lower exports to the United States, down 4.5%
to C$34.5 billion, mostly on lower exports of crude oil. Imports from
the U.S. were down 0.7% to C$32.4 billion, also on lower imports of
crude oil.
As a result, Canada's trade surplus with the United States fell
from C$3.5 billion in May to C$2.2 billion in June. This was the
smallest surplus since June 2016.
Canada's surplus with non-US countries declined to C$2.2 billion
from C$3.5 billion.
In volume terms imports were up 0.8% on the month while exports
fell 1.7%, with Canada posting a deficit of C$0.4 billion in real terms
after recording a surplus of C$0.6 billion in May.
For the second quarter in real terms, both imports and exports rose
2.9% in the quarter. Canada's surplus in real terms widened slightly
from C$0.9 billion million to C$1.0 billion.
The sharp decrease in June exports was largely due to lower exports
of unwrought gold and energy products, Statistics Canada said. The small
increase in imports was led by increased imports of gold bullion.
Energy exports fell 9.2% on the month. Excluding energy, exports
decreased 3.4%.
--MNI Ottawa Bureau; yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.