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Rise in exports reduced Canada's trade deficit in August

October 6, 2016

Statistics Canada announced that the country's merchandise trade deficit with the world narrowed from $2.2 billion in July to $1.9 billion in August.

According to the federal agency total exports were up 0.6% to $43.4 billion in August. Exports of consumer goods rose 7.0% to $6.3 billion, while exports of metal and non-metallic mineral products were up 6.2% to $5.0 billion. Exports of energy products also contributed to the overall increase in August, rising 4.4% to $6.0 billion. In contrast, exports of motor vehicles and parts fell 5.8% to $7.8 billion, and exports of aircraft and other transportation equipment and parts also fell, down 16.2% to $1.8 billion in August.

Total imports for the month were largely unchanged at $45.3 billion, as higher imports of metal and non-metallic mineral products, consumer goods, and motor vehicles and parts were counterbalanced by lower imports of energy products.

Exports to countries other than the United States rose 7.7% to $11.0 billion in August, the largest monthly increase since May 2014, while imports from those countries were up 0.3% to $15.4 billion.

As for exports to the United States decreased 1.6% to $32.4 billion in August, while imports edged down 0.1% to $29.9 billion. Consequently, Canada's trade surplus with the United States narrowed from $3.0 billion in July to $2.5 billion in August.

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