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Canada posts C$3.6B trade deficit in June

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Canada posts C$3.6B trade deficit in June

Canada's trade deficit increased to C$3.6 billion in June from a revised C$1.4 billion deficit in May, Statistics Canada said.

Exports declined after three consecutive monthly gains, tumbling 4.3% to C$46.5 billion in June. Export prices dropped 2.7%, with broad declines in commodities. Exports of metal and non-metallic mineral products and energy products fell 14.9% and 9.2%, respectively. Year-to-date, total exports were up 12.4%.

Imports rose 0.3% to C$50.1 billion. Metal ores and non-metallic minerals rose 39.1% to a record high of C$1.3 billion. Aircraft and other transportation equipment and parts increased 11.7% to C$2.3 billion in June, another record. Year over year, imports rose 10.4%.

Canadian exports to the U.S. sank 4.5% to C$34.5 billion in June, mostly on lower crude oil exports while imports from the U.S. slid 0.7% to C$32.4 billion, also on lower energy imports. Canada's trade surplus with the U.S. narrowed to C$2.2 billion in June from C$3.5 billion in May, the smallest surplus in a year.

Exports to countries excluding the U.S. were down 4.0%, mainly on lower shipments of unwrought gold to the U.K. as well as lower coal exports to Japan. Imports from other countries increased 2.1%. Canada's trade deficit excluding the United States widened to C$5.8 billion in June from C$4.9 billion in May.