Courtney Agencies Ltd. provides a weekly industry news update to its clients.
Please click here to receive this update by email.
August 9, 2017
Canadian exports fell 4.3% in June, raising trade deficit to $3.6 billion
Statistics Canada announced that the country's merchandise trade deficit with the world reached $3.6 billion in June, widening from a $1.4 billion deficit in May.
The federal agency reports that total exports fell 4.3% to $46.5 billion in June, as 9 of 11 sections decreased, following three consecutive monthly record highs. Prices were down 2.7%, with widespread declines throughout the commodity sections. Export volumes (-1.7%) were also down. Metal and non-metallic mineral products and energy products were the largest contributors to the decrease in export values in June. Exports excluding energy products declined 3.4%.
The sustained growth in total imports slowed in June, edging up 0.3% to $50.1 billion. Imports of metal ores and non-metallic minerals rose 39.1% to a record high $1.3 billion, and imports of aircraft and other transportation equipment and parts rose 11.7% to a record high $2.3 billion. Largely offsetting these gains were lower imports of motor vehicles and parts, down 3.2% to $9.4 billion.
On a per country basis, exports to the United States were down 4.5% to $34.5 billion in June, mostly on lower exports of crude oil. Imports from the United States fell 0.7% to $32.4 billion, also on lower imports of crude oil. As a result, Canada's trade surplus with the United States narrowed from $3.5 billion in May to $2.2 billion in June, the smallest surplus since June 2016.
Exports to countries other than the United States were down 4.0%, mainly on lower exports of unwrought gold to the United Kingdom as well as lower exports of coal to Japan. Imports from countries other than the United States were up 2.1%, led by Brazil (bauxite) and South Korea (passenger cars). Consequently, Canada's trade deficit with countries other than the United States widened from $4.9 billion in May to $5.8 billion in June.
|Copyright 2006. All Rights Reserved.|