Trade deficit narrowed in May as exports rose, imports fell again
Contracted to $677 million in May compared with $4.3 billion in April.
OTTAWA — Statistics Canada says the country’s merchandise trade deficit narrowed in May as exports and oil prices climbed while imports fell.
The agency says the deficit contracted to $677 million in May compared with a deficit of $4.3 billion in April when exports and imports both plunged due to the COVID-19 pandemic.
Total exports rose 6.7% in May to reach $34.6 billion, however Statistics Canada noted that they were down 34.1% compared with a year ago.
Meanwhile, imports fell 3.9% in May to $35.3 billion, despite the partial reopening of the economy.
Imports were down by nearly a third compared with year ago.
In volume terms, exports were up 3.8% in May, while imports fell 6.7%.