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Jul Trade Balance Preview-- Thu 8:30EST-- Seen -CAD2.3B vs -CAD3.2B

CANADA DATA
  • Again more potential for big miss on either side, given last report showed surge in exports and imports as key auto plants re-opened, and flows still well below pre-pandemic mark
  • June balance widened to -CAD3.2b from May -CAD1.3b
  • Q2 wrapped up with trade gap widening CAD1b to -CAD9.4b, the weakest in 4Y. Given Covid, remarkable deficit comparison didn't even stretch back to the last recession in 2009
  • Outlook weighed down by U.S. protectionism, slower growth from America's struggle to contain the virus and weaker global demand until a vaccine is widely in use
  • Exports and imports in both rose ~20% in June but at least 15% below year-ago levels
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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