Canada Unexpectedly Books Trade Deficit In August, Report

Canada’s merchandise imports rose 3.9% in August, while exports decreased 2.5%. As a result, Canada’s trade balance with the world went from a surplus of $2.2 billion in July to a deficit of $610 million in August.

This is the first time Canada imported more than it exported since April, when it posted a $591-million trade deficit.

But Canada still managed to maintain a trade surplus with the U.S.

Imports from the Americans went up 1.4% to $29.7 billion as exports went down 2.5% to $33.3 billion.

This narrowed Canada’s trade surplus with the U.S. to $3.5 billion in August, down from $4.8 billion in July.

Meanwhile, imports from countries other than the U.S. saw a 9.3% gain, reaching $15.1 billion, as exports dropped 2.5% to $10.9 billion.

Precious metals, natural gas, crude oil and crude bitumen led the way in imports.

And for the first time in three months, imports of consumers went up, rising 4.4% to a record $9 billion.

Automobile exports dropped 11.2% to $6.1 billion, mostly due to declines in cars and light trucks.

Crude oil and crude bitumen exports also dropped significantly, falling 7.1% to $7.7 billion.

“Partially offsetting these declines, exports of aircraft and other transportation equipment and parts were up 26.8% to $2.1 billion, the second highest value on record,” Statistics Canada said in its report.

Agencies/Canadajournal

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