Canada Trade Deficit Narrows More Than Expected in June

Canada's merchandise trade deficit decreased to CAD 0.48 billion in June from an upwardly revised CAD 3.37 billion deficit in May, as exports rose 6.3 percent while imports shrank 0.6 percent.

Exports grew to CAD 44.6 billion in June, the first increase in six months. Exports of consumer goods rose 17.2 percent to a record CAD 6.0 billion, led by pharmaceutical and medicinal products (+41.7 percent), prepared and packaged seafood products (+128.9 percent) and miscellaneous goods and supplies (+17.1 percent). Exports of metal and non-metallic mineral products grew 10.8 percent to CAD 5.1 billion, mainly driven by higher sales of precious metals and precious metal alloys (+18.3 percent). Excluding energy products, shipments were up 6.9 percent.

Imports declined to CAD 45.1 billion in June. Imports of aircraft and other transportation equipment and parts fell 19 percent to CAD 1.3 billion, led by aircraft, which declined by CAD 264 million. Purchases of energy products were down 10.4 percent to CAD 2.7 billion. Meanwhile, imports of electronic and electrical equipment and parts rose 3.3 percent and metal and non-metallic mineral products imports grew 3.6 percent. 

In the second quarter, overall imports increased 0.2 percent from the first quarter. In real terms, quarterly imports were up 0.3 percent. Total exports increased 0.7 percent in the second quarter. However, in real terms, quarterly exports were virtually unchanged from the first quarter.

Year-on-year, total exports shrank 1 percent while imports grew 4.4 percent.

Canada Trade Deficit Narrows More Than Expected in June

Statistics Canada |
8/5/2015 3:18:31 PM