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Free AccessMNI 5 THINGS:Canada Goods Trade Gap Widens,Lrgr Than Expected>
--5 Things We Learned From Canadian Merchandise Trade Data
By Courtney Tower
OTTAWA (MNI) - The following are the key points from the May data
on Canadian merchandise trade released Friday by Statistics Canada:
- The goods trade deficit widened to C$2.8 billion in May, larger
than the C$2.2 billion deficit that analysts in a MNI survey had
expected. This was marked by a drop in exports to the United States, by
0.2% from April's 2.8% increase. Exports overall edged down 0.1% while
imports rose 1.7%. In real terms, the weakness in exports was even more
apparent with a 1.0% drop, while exports rose 1.2%.
- Exports dropped in May to C$48.3 billion on lower exports of
motor vehicles and parts, down 3.6% on the month. Real exports excluding
autos and parts rose 0.5% on the month. Statistics Canada cited a
disruption in the auto parts in the U.S. that led to lower imports of
engines and parts, and in turn affected Canadian auto exports. Exports
of metal ores and non-metallic minerals also dropped notably, down 14.6%
to C$1.3 billion, on work stoppages in iron mines in April and May.
Energy exports rose 4.0%. Real exports excluding energy fell 1.6%.
- The 1.7% rise in imports to C$51.1 billion covered eight of the
11 product sections, largely in increased imports of aircraft and other
transportation equipment and parts (+17.7%). It was the fifth
consecutive monthly advance for this sector. Imports of refined
petroleum energy products rose by 13.9%, with a number of Canadian
refineries closed down in May.
- Canada's goods trade surplus with the United States narrowed from
C$3.7 billion in April to C$3.3 billion in May. Imports from the U.S.
were up 1.0% in May, as exports dropped by -0.2%. Exports to countries
other than the U.S. edged up by 0.2% with notable gains of
transportation equipment to Saudi Arabia and unwrought gold to Hong
Kong. These increases were partially offset by lower exports to France
(-43.2%) and The Netherlands (-30.5%).
- Imports of industrial machinery equipment and parts, a sector
specifically followed by the Bank of Canada as an indicator of
investment activity, rose by 1.2% in May after declining by 0.9% in
April. Volumes in May were up by 0.3%.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$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.