Canada’s trade deficit increased to $3.4 billion in August: StatsCan
The trade surplus with the U.S. narrowed to $2.3 billion in August, StatsCan said, but the country's trade deficit with countries other than the U.S. slipped to $5.7 billion.
A decline in exports increased Canada’s trade deficit to $3.4 billion in August compared with a $3.0 billion deficit in July, new figures from Statistics Canada show.
The agency says a decline in exports drove the increased trade deficit, while imports were unchanged.
Overall exports slipped 1.0 per cent to $43.6 billion in August. Export volumes fell 1.9 per cent for the month.
“Consumer goods, basic and industrial chemical, plastic and rubber products, as well as metal ores and non-metallic minerals were responsible for the decline in export values,” StatsCan said. “Exports excluding energy products were down 1.4%. Year over year, total exports edged down 0.2%.”
Exports of consumer goods were down 3.8% to $5.7 billion in August, the third consecutive monthly decline. Pharmaceutical and medicinal products led the decrease, mainly on lower exports to Italy. “Prepared and packaged seafood products also contributed to the decline, down 10.5%, following the close of the snow crab fishing season at the end of July,” StatsCan said. “Overall, volumes fell 2.4% and prices were down 1.4%.”
Exports of basic and industrial chemical, plastic and rubber products declined 5.9% to $2.7 billion. “Basic chemicals decreased 8.3% to $562 million in August, returning to June levels following increased exports of ethylene glycol to China in July,” StatsCan said.
Meanwhile, total imports were virtually unchanged in August at $47 billion. Canada’s trade surplus with the U.S. narrowed to $2.3 billion in August compared with $3.2 billion in July as the Canadian dollar strengthened relative to the U.S. currency.
The country’s trade deficit with countries other than the U.S. slipped to $5.7 billion in August compared with $6.2 billion in July, StatsCan said. .