Canada’s trade deficit widens in June

Posted on Aug 9, 2012 in Business | 0 comments

Canada’s international trade deficit jumped from $954 million in May to $1.8 billion in June based on higher imports and flat exports, Statistics Canada said.

Merchandise imports from all countries rose 2.3 percent and reached a record high of $40.9 billion, while exports edged up 0.2 percent to $39.1 billion in June, the agency said in a report Thursday.

The only sector to report import declines in June was energy products, down 3.6 percent to $4.2 billion. Imports of crude petroleum decreased 18.2 percent to $2.2 billion.

“A strong gain in exports of automotive products helped offset declines in five out of seven sectors,” the agency said.

Regarding the United States alone, Canadian exports rose 2.2 percent to $29 billion as imports continued an upward trend and reached a record high of $40.9 billion in June.

“This narrowed the trade surplus with the United States from $3.2 billion in May to $3.1 billion in June,” StatsCan said.

Copyright 2012 by United Press International