Canada’s trade deficit took an unexpected dip in August
Exports to countries other than the U.S. rose 7.7 per cent to $11.0 billion in August
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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.