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August 10, 2012
Canada's trade deficit continued to rise in June
According to Statistics Canada numbers released this week, the country's trade deficit widened from $954 million in May to $1.8 billion in June as merchandise imports rose 2.3% while exports edged up 0.2% in June..
Imports continued their upward trend and reached a record high of $40.9 billion in June. Imports of machinery and equipment increased 3.2% to a record high of $11.2 billion in June, and imports of other consumer goods rose 4.7% to $5.3 billion. The only sector to decline in June was energy products, down 3.6% to $4.2 billion.
Exports increased to $39.1 billion. A strong gain in exports of automotive products helped offset declines in five out of seven sectors. Exports of automotive products rose 13.9% to $6.3 billion, the main factor being exports of passenger autos and chassis, which increased 19.5% to $4.3 billion.
Exports of energy products fell 3.5% to $9.0 billion, as prices fell for the fifth consecutive month, and exports of agricultural and fishing products declined 2.8% to $3.5 billion. In the machinery and equipment sector, exports declined 1.3% to $7.2 billion as volumes fell 2.5%. Lower exports of aircraft and other transportation equipment were the main contributor to the decline.
Imports from the United States grew 3.0% to a record high of $25.9 billion in June, a third consecutive monthly increase. Exports rose 2.2% to $29.0 billion. This narrowed the trade surplus with the United States from $3.2 billion in May to $3.1 billion in June.
Imports from countries other than the United States increased 1.1% to $15.0 billion. Exports to countries other than the United States fell for the third consecutive month, down 5.2% to $10.1 billion. Consequently, Canada's trade deficit with countries other than the United States widened from $4.2 billion in May to $4.9 billion in June.
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