Canada’s August trade data gets big revision after purchase of three icebreakers
Statistics Canada also made upward revisions in August in other categories
OTTAWA—Statistics Canada is making a major revision to the country’s trade balance for August as it accounts for a $600-million purchase of three icebreakers late in the month.
The agency says the $526-million trade surplus it reported for August has been revised to show a $551-million deficit—which represents a swing in the trade balance of more than $1 billion.
The revision represented a $981-million increase in imports that was mostly due to the purchase of the three ice-breaking ships from Sweden at the end of August.
The agency also made upward revisions in August in other categories, including about $100 million for crude oil imports and $100 million for imports of aircraft-related goods.
Statistics Canada says smaller revisions to the monthly numbers are common because purchases sometimes come in after the publication of the data.
The agency also released its latest merchandise trade numbers that showed Canada’s trade deficit with the world narrowed to $416 million in September as imports fell 0.4 per cent and exports dipped 0.2 per cent.