Canadian trade deficit narrowed to $955 million in August
Statistics Canada says exports rose 1.8% while imports were up 1.0%.
Statistics Canada announced that the country’s merchandise trade deficit with the world narrowed from $1.4 billion in July to $955 million in August.
The Federal agency says total exports increased 1.8% to reach $50.6 billion in August. Exports of energy products rose 3.9% and exports of aircraft increased 38.7%. Exports of metal and non-metallic mineral products also increased in August (+3.6%). Lower exports of motor vehicles and parts (-2.3%) partially offset the increase in total exports.
Total imports increased 1.0% to $51.5 billion. Higher imports of metal and non-metallic mineral products (+9.4%) were the main contributor to the overall gain in August. Imports of energy products (+9.7%) also increased. Imports of metal ores and non-metallic minerals were up 8.8%. These increases were partially offset by a 2.5% decrease in imports of consumer goods
On a per country perspective, Canada’s trade deficit with countries other than the United States widened from $5.7 billion in July to $5.9 billion in August.
Exports to those countries fell 1.9% in August, the third consecutive monthly decline. Lower exports to Hong Kong (gold) and Italy (crude oil) were partially offset by higher exports to China (iron ores and potash) and the United Kingdom (gold). Imports from countries other than the United States were down 0.5%. There were lower imports from Mexico (light-duty trucks), Norway (ships and motor gasoline) and Switzerland (pharmaceutical products) in August.
Exports to the United States rose 3.1% in August, while imports were up 1.8%. As a result, Canada’s trade surplus with the United States widened from $4.4 billion in July to $4.9 billion in August.