Canadian Trade Deficit Doubles in July

In July, Canada's trade deficit with the world widened from $460 million in June to $931 million as imports grew 0.6 percent and exports declined 0.6 percent. Lower exports of aircraft and precious metals were the main contributors to the decline.

Imports grew to $40.1 billion, as volumes were up 1.0 percent and prices edged down 0.4 percent. Higher volumes were recorded in metal ores and non-metallic minerals, basic and industrial chemical, plastic and rubber products, and metal and non-metallic mineral products. Exports declined to $39.2 billion. Overall, volumes were down 1.7 percent while prices increased 1.1 percent.

Imports from the United States rose 2.7 percent to $26.3 billion, on the strength of imports of lubricants and other petroleum refinery products as well as precious metal ores and concentrates, and precious metal bullion. Exports to the United States were up 0.8 percent to $29.4 billion. Consequently, Canada's trade surplus with the United States narrowed from $3.6 billion in June to $3.2 billion in July.

Exports to countries other than the United States fell 4.5 percent to $9.8 billion, as lower exports were reported for the European Union (-15.9 percent). Imports from countries other than the United States decreased 3.1% to $13.9 billion, with the European Union (-5.1 percent) contributing the most to the decline. As a result, Canada's trade deficit with countries other than the United States was relatively unchanged from June to July at $4.1 billion.

Canadian Trade Deficit Doubles in July

Statcan | Nuno Fontes |
9/4/2013 1:40:23 PM