Canadian Trade Deficit Widens in August

Canada's merchandise trade deficit increased to CAD 2.53 billion in August of 2015 from an upwardly revised CAD 0.82 billion gap in July, as exports declined 3.6 percent while imports edged up 0.2 percent.

Total exports declined 3.6 percent to CAD 44.0 billion, mainly due to lower sales of energy products. Exports excluding energy products were down 1.5 percent. Exports of energy products fell 14.7 percent, due to lower exports of crude oil and crude bitumen (-20.9 percent). Exports of consumer goods declined 8 percent. In addition, exports of pharmaceutical and medicinal products fell 16.1 percent. Metals and non-metallic mineral products declined 9.7 percent, as unwrought precious metals and precious metal alloys were down by 20.9 percent. Moderating these declines, exports of motor vehicles and parts rose 3.1 percent, due to higher exports of passenger cars and light trucks, up 4.5 percent. Also, exports of metal ores and non-metallic minerals rose 15.7 percent.

Imports edged up 0.2 percent to CAD 46.5 billion, the fourth consecutive month of growth. Imports of consumer goods increased 2.6 percent, boosted by higher purchases of pharmaceutical and medicinal products (+6 percent) and miscellaneous goods and supplies (+3 percent). Imports of metal and non-metallic mineral products rose 6 percent. The main contributor to the advance was unwrought precious metals and precious metal alloys, up 35.6 percent. Meanwhile, electronic and electrical equipment and parts declined 7.9 percent. Imports of communications and audio and video equipment fell 20.7 percent, following two consecutive monthly increases. Also, imports of aircraft and other transportation equipment and parts decreased 14.4 percent.

Year-on-year, exports decreased by 1.6 percent while imports were up 5 percent.

Canadian Trade Deficit Widens in August

Statistics Canada | Joana Ferreira |
10/6/2015 1:48:25 PM