Trade Deficit Widened in June
CBJ — The country’s merchandise trade deficit with the world widened in May to nearly $2.8 billion. The international trade deficit was about $1.9 billion in April and $3.9 billion in March.
The May numbers show that imports expanded 1.7%, while exports dipped 0.1%.
Higher imports in May of aircraft, other transportation equipment and energy products fuelled most of the increase. The figure for aircraft imports more than tripled to $937 million due to the purchase of several air liners from the U.S.
Exports declined mostly because of weaker trade on motor vehicles and parts as well as metal ores and non-metallic minerals.
The report showed that Canada’s trade surplus with the U.S. narrowed to $3.3 billion in May, from $3.7 billion April, as more imports headed north across the border and south-bound exports decreased.