Trade deficit edges down on reduced imports and exports: StatsCan
Exports declined 1.6 per cent to $39.3-billion as prices decreased, volumes slipped
OTTAWA—Statistics Canada says the country’s merchandise deficit declined sharply to $303-million in May from $951-million in April as imports fell much more quickly than exports.
Imports were down 3.2 per cent to $39.6-billion after four consecutive monthly increases.
Exports declined 1.6 per cent to $39.3-billion as prices decreased one per cent and volumes slipped 0.7 per cent.
The overall decline in exports was led by metal and non-metallic mineral products, as well as motor vehicles and parts.
Imports from the United States declined two per cent to $25.7-billion and exports to the U.S. decreased 1.6 per cent $29.2-billion.
That raised the trade surplus with the U.S. to $3.5-billion in May from $3.4-billion in April.
Imports from countries other than the U.S. fell 5.3 per cent to $13.9-billion and exports to those countries slipped 1.6 per cent to $10.1-billion, cutting the trade deficit in this sector to $3.8-billion in May from $4.4-billion in April.