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Free AccessMNI 5 THINGS:Canada Goods Trade Gap Narrows On Export Gains>
--5 Things We Learned From Canadian Merchandise Trade Data
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the July data
on the Canadian merchandise trade data released Wednesday by Statistics
Canada:
- The goods trade deficit narrowed to C$0.1 billion in July, the
smallest since December 2016, when the balance was actually a surplus.
The June deficit was revised down to C$0.7 billion from C$0.6 billion.
Analysts in a MNI survey had expected the gap to widen to C$1.2 billion.
While a rise in exports combined with lower imports explained the
improvement, real trade data showed a less positive export picture.
- Exports rose 0.8% on the month following a 4.6% advance in June,
to C$51.3 billion. Overall, 6 of 11 categories posted decreases. Imports
were down 0.4% in July to C$51.4 billion, following a 0.1% increase in
June.
- In real terms, however, exports contracted 0.8%, showing July's
improvement was all price related. This partly reflected the energy
story, as energy exports rose 5.0% to C$10.3 billion, the highest level
since September 2014. However, energy export volumes fell 3.0%. Overall
exports excluding energy edged down 0.2% in July, with volumes flat.
Real imports fell 1.1%. On the positive side, imports of industrial
machinery and equipment and parts rose 1.3% (volumes up 0.9%). Overall,
the real trade deficit narrowed to C$0.5 billion from C$0.7 billion.
- Regionally, exports to the U.S. rose 3.3%, following a 2.7%
increase in June. Imports from the U.S. edged down 0.1%, leading to a
trade surplus of C$5.3 billion, the largest since October 2008.
Meanwhile exports to non-U.S. countries fell 6.0% and imports declined
1.0%.
- July was the second month that Canada's exports of steel and
aluminum were hit by U.S. tariffs of 25% and 10%, respectively. It was
the first month that Canada retaliated with similar tariffs on U.S.
steel, aluminum and other products. On a customs seasonally adjusted
basis, steel exports to the U.S. rose 16.4% after falling 36.3% in June.
Aluminum exports fell 2.0%. Steel imports plunged 39.6% and aluminum
imports were down 5.2%. Imports excluding tariffed products rose 0.8%
(for a total decline of 0.2%) in July. Exports excluding tariffs goods
rose 0.3%.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
To read the full story
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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.