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Canada's merchandise trade surplus shrinks as exports, imports fall

Canada's international merchandise trade surplus narrowed in June as a slump in exports, led by energy products and aircraft and transportation equipment, more than offset a strong gain in the previous month.

Canada recorded a seasonally adjusted C$136 million foreign trade surplus of goods in June, down from a revised C$556 million in May, according to Statistics Canada. It was the second straight monthly surplus but only the third since December 2016.

The consensus estimate of economists polled by Econoday was for a C$400 million trade deficit.

Overall exports fell to C$50.31 billion in June from C$52.99 billion in May, with 10 of 11 product categories posting declines.

Exports of energy products dropped 7.4% month over month, with crude oil exports falling 8.6% amid a 13.5% decrease in prices. Exports of aircraft and other transportation equipment and parts plunged 25.1%.

Total imports reached their lowest level since November 2018, tumbling to C$50.17 billion from C$52.43 billion month over month. Nine of 11 product sections recorded lower exports, with energy products and aircraft and other transportation equipment and parts also leading the decline.

Canada's trade surplus with the U.S. shrank to C$5.66 billion from C$5.90 billion in May. Exports weakened to C$37.63 billion from C$39.15 billion mainly due to lower crude oil exports, and imports fell to C$31.98 billion from C$33.24 billion.