Canada’s trade deficit ballooned to $1.1B in May
Economists had expected a deficit for May of $530 million, but the import of five new airliners skewed the results
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OTTAWA—Statistics Canada says the country’s trade deficit grew to $1.1 billion in May compared with a $552-million deficit in April.
Economists had expected a deficit for May of $530 million.
The increase in the trade deficit came as imports rose 2.4 per cent to $49.8 billion, led by an increase in aircraft imports.
Statistics Canada says the import of five new airliners in May drove a 45.9 per cent increase in aircraft and other transportation equipment and parts category.
Meanwhile, exports gained 1.3 per cent to $48.7 billion due to higher unwrought gold exports.
Exports excluding energy products rose 3.6 per cent in May.