Trade deficit narrowed to $1.9B in August: StatsCan

Exports to countries other than the US rose 7.7% to $11 billion.

October 6, 2016   by CP Staff

OTTAWA — Statistics Canada says the country’s trade deficit for August declined unexpectedly to $1.9 billion as exports to countries other than the United States picked up.

The deficit for August compared with a revised figure for July that showed a deficit of $2.2 billion compared with the initial report of a deficit of $2.5 billion.

Economists had expected a August deficit would grow to $2.6 billion, according to Thomson Reuters.

Exports in August increased 0.6% to $43.4 billion as volumes grew 0.4% and prices added 0.2%. Exports of consumer goods, metal and non-metallic mineral products and energy products drove the increase.

Meanwhile, Statistics Canada says imports were largely unchanged at $45.3 billion in August as volumes increased 0.8%, but prices fell 0.7%.

Higher imports of metal and non-metallic mineral products, consumer goods, and motor vehicles and parts were offset by lower imports of energy products.

Exports to countries other than the US rose 7.7% to $11 billion in August, while imports from countries other than the US were up 0.3% at $15.4 billion.

Exports to the US fell 1.6% to $32.4 billion, while imports from the U.S. fell 0.1% to $29.9 billion.

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