Thursday, 19 July, 2018


Canada's trade deficit widened to $2.8B in May ahead of tariffs

Conrad Doyle | 08 July, 2018, 23:30

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.

The year-on-year increase was 3.5 percent. Merchandise trade surplus of Canada with the US narrowed in May as imports rose 1 percent and exports fell 0.2 percent. After struggling through the middle part of previous year, exports had seen a revival in recent months due to a run-up in oil prices and stronger demand for non-energy exports. Canada has only recorded two monthly trade surpluses since October 2014.

Imports rose 1.7 per cent in May, after falling a month earlier.

"Imports rose 1.7 per cent in May to $51.1 billion, with eight of 11 product sections increasing".

Statistics Canada noted that the rise was driven by the import of many airliners from the U.S. Energy products' imports also added to May's gain as a number of Canadian refiners were temporarily shut down in the month, causing higher imports to meet domestic demand for refined petroleum products.

Exports slipped by 0.1 percent as shipments of motor vehicle and parts fell by 3.6 percent amid a disruption in the supply of auto parts from a plant in the United States.

Amid trade tensions with the United States, a "disruption" in the supply of auto parts from the USA in May led to a 4.9 percent decline in exports of passenger cars and light trucks.

The United States took 74.2 percent of all Canadian goods exports in May.

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