Canada’s trade deficit took an unexpected dip in August

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 Augusts deficit would grow to $2.6 billion, according to Thomson Reuters.

Exports in August increased 0.6 per cent to $43.4 billion as volumes grew 0.4 per cent and prices added 0.2 per cent. 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 per cent, but prices fell 0.7 per cent.

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 U.S. rose 7.7 per cent to $11.0 billion in August, while imports from countries other than the U.S. were up 0.3 per cent at $15.4 billion.

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