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Canadian trade deficit widens to C$3.4B in August

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Canadian trade deficit widens to C$3.4B in August

Canada's trade deficit widened to C$3.4 billion in August from a C$3.0 billion deficit in July, Statistics Canada said.

Despite increases in six of the 11 categories, exports in August dropped for the third consecutive month, slipping by 1.0% to C$43.6 billion, down 10.6% from May's record high. Volumes fell 1.9% while prices advanced 1.0%. Consumer goods, basic and industrial chemical, plastic and rubber products, as well as metal ores and non-metallic minerals contributed the most to the drop in export values.

Exports excluding energy products decreased 1.4%. In annual terms, total exports sank 0.2%.

August imports were virtually unchanged in August compared with the previous month. Imports of motor vehicles and parts rose 2.5% while metal ores and non-metallic minerals surged 9.9%. These gains were offset by 1.8% drop in consumer goods and a 10.2% decline in other transportation equipment and parts.

Canada's trade surplus with the U.S. declined to C$2.3 billion in August from C$3.2 billion in July. Exports to the U.S. dropped 1.8% to C$32.6 billion while imports from the U.S. scaled up 0.9% to C$30.3 billion. The nation's trade deficit with other countries other than the U.S. increased by 1.5% to C$11.0 billion