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Canada's trade deficit reaches a record $3.6 billion in June

August 10, 2016

Statistics Canada announced that the country's merchandise trade deficit with the world widened from $3.5 billion in May to a record $3.6 billion in June.

According to the federal agency total exports increased 0.6% to $41.4 billion, with 6 of 11 sections increasing in June. Higher exports of energy products and basic and industrial chemical, plastic and rubber products were partially offset by lower exports of metal and non-metallic mineral products.

Total imports for the month rose 0.8% to $45.0 billion despite losses in 6 of 11 sections. Higher imports of motor vehicles and parts, energy products, and electronic and electrical equipment and parts were partially offset by lower imports of aircraft and other transportation equipment and parts.

Canada's trade surplus with the United States narrowed from $2.6 billion in May to $1.8 billion in June, as imports from the United States were up 1.5% to $29.8 billion while exports were down 1.2% to $31.6 billion.

As for exports to countries other than the United States, they increased 6.9% to $9.8 billion, with higher exports to the United Kingdom (+$274 million), Spain (+$90 million), South Korea (+$86 million) and China (+$85 million). Imports from countries other than the United States decreased 0.5% to $15.2 billion. Lower imports from Switzerland (-$189 million) and Norway (-$112 million) were largely offset by higher imports from Germany (+$168 million) and Saudi Arabia (+$123 million). Consequently, Canada's trade deficit with countries other than the United States narrowed from a record $6.1 billion in May to $5.4 billion in June.

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