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Canada's trade deficit narrowed to $2.5 billion in July

September 8, 2016

Statistics Canada announced that the country's merchandise trade deficit with the world narrowed from a record $4.0 billion in June to $2.5 billion in July.

According to the federal agency total exports increased 3.4% to $42.7 billion in July, with 9 of 11 sections reporting gains. Contributing to the overall increase were higher exports of motor vehicles and parts; metal and non-metallic mineral products; aircraft and other transportation equipment and parts; and industrial machinery, equipment and parts. Excluding energy products, exports were up 4.1%, the strongest increase since December 2015

Total imports for the month edged down 0.1% to $45.2 billion, despite gains in 6 of 11 sections. Lower imports of consumer goods; motor vehicles and parts; and electronic and electrical equipment and parts were partially offset by higher imports of metal ores and non-metallic minerals. Year over year, total imports decreased 2.6%.

Canada's trade surplus with the United States widened from $1.4 billion in June to $2.6 billion in July as exports increased 3.3% to $32.5 billion while imports were down 0.5% to $29.9 billion.

As for exports to countries other than the United States, they rose 3.9% to $10.2 billion in July. Higher exports to the United Kingdom (+$381 million) and China (+$143 million) were partially offset by lower exports to Germany (-$107 million) and South Korea (-$107 million). Imports from countries other than the United States were up 0.6% to $15.3 billion in July. Higher imports from Saudi Arabia (+$148 million) and Australia (+$97 million) were partially offset by lower imports from the Netherlands (-$118 million). As a result, Canada's trade deficit with countries other than the United States narrowed from $5.4 billion in June to $5.1 billion in July.

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