Saturday, 21 July, 2018

Canada trade deficit expands as imports rise, exports edge down

Canada's trade deficit in goods widened in May led by increased orders in aircraft and other transportation supplies from countries including China Canada’s trade gap grows as imports rise, exports edge down
Jean Garcia | 08 July, 2018, 22:52

Exports to the United States slipped by 0.2 per cent while imports increased by 1.0 per cent and as a result, the trade surplus with the United States shrank to $3.29-billion in May from $3.69-billion in April.

Statistics Canada reported Friday that Canada's merchandise trade deficit with the world totalled $2.8 billion in May, widening from a $1.9 billion deficit in April.

The year-on-year increase was 3.5 percent.

"Turning to exports, delayed deliveries of engines and other auto parts from the US suppliers created bottlenecks at Canadian assembly lines and hampered global shipments in the motor vehicles/parts category".

Analysts in a Reuters poll had predicted a shortfall of C$2.05 billion.

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The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.

Canada also imported 13.9 percent more refined petroleum energy products, for a total of Can$1.6 billion in May. Volume rose sharply, as several Canadian refineries were temporarily shut for the month, while prices fell slightly. "Higher imports from China (aircraft and other communications equipment), Belgium (pharmaceutical and medicinal products) and Germany were offset by lower imports from Mexico, among others".

The United States took 74.2 percent of all Canadian goods exports in May.

The trade deficit rose to Euro 6.0 billion in May from Euro 5.21 billion in the previous month.

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