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July 15, 2010

Canadian exports rose in May after two months of decline

Statistics Canada announce this week that the country's merchandise exports rose 5.2% in May, led by higher volumes of automotive products, while imports increased 5.7%, reflecting broad-based gains in volumes. Canada posted a trade deficit with the world of $503 million in May, compared with a deficit of $330 million in April.

Exports rose to $34.5 billion in May from $32.8 billion in April, following two months of decline. While all the export sectors posted gains, automotive products accounted for over half the growth.

Imports rose to $35.0 billion from $33.1 billion in April, as all import sectors, except agricultural and fishing products, grew in May. Machinery and equipment, industrial goods and materials as well as other consumer goods led the gain in imports.

Exports to the United States increased 5.5% while imports grew 5.8%, both on the strength of automotive products trade. Overall, Canada's trade surplus with the United States widened to $3.6 billion in May from $3.5 billion in April.

Exports to countries other than the United States grew 4.4%, led by a 25.2% increase in exports to the European Union, while imports rose 5.5%. As a result, Canada's trade deficit with countries other than the United States expanded to $4.1 billion in May from $3.8 billion in April.

(Source: Statistics Canada)