Canada's trade deficit in goods widened in May

08 July, 2018, 22:53 | Author: Eric Barnett

"Imports rose 1.7 per cent in May to $51.1 billion, with eight of 11 product sections increasing". Deficit widened to CAD 2.8 billion from a slightly revised CAD 1.90 billion in April.

Canada's trade deficit in May grew to C$2.77 billion ($2.11 billion) from C$1.86 billion in April on a sharp rise in imports of airliners and gasoline while exports edged down, Statistics Canada said on Friday. After struggling through the middle part of past year, exports had seen a revival in recent months due to a run-up in oil prices and stronger demand for non-energy exports.

In real terms, exports fell 1 percent, owing to the lower exports of metal ores and non-metallic minerals.

"While Canada's trade deficit was larger than expected in May, the deterioration was mostly due to temporary factors", notes National Bank Financial's Jocelyn Paquet. "Imports in the aircraft category, for their part, were lifted by the delivery of several airliners from the United States". "The value of aircraft imports from January to May was a record high for this period".


Imports rose by 1.7 per cent in May to $51.1 billion, including the delivery of several airliners from the USA valued at $937 million. Shipments of motor vehicles and parts dropped 3.6 percent in the month.

StatsCan also said exports to countries other than the USA rose slightly, by 0.2 per cent, to $12.5 billion. Imports increased $102.4 billion or 8.6%.

"Imports from countries other than the United States rose 2.9 per cent in May to $18.5 billion", the agency said.

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