Canada’s merchandise imports grew 0.6% in July while exports declined 0.6%, bringing our trade deficit with the world from $460 million in June to $931 million in July. Imports grew to $40.1 billion, with higher volumes recorded in metal ores and non-metallic minerals, basic and industrial chemical, plastic and rubber products and mineral products. Exports declined to $39.2 billion, lower exports of aircraft as well as unwrought precious metals and precious metal alloys being the main contributors to the decline.
Imports from the United States rose 2.7% to $26.3 billion, due to strong imports of lubricants and other petroleum refinery products, precious metal bullion, ores and concentrates. Exports to the United States were up only 0.8% to $29.4 billion. As a result, Canada’s trade surplus with the United States narrowed from $3.6 billion in June to $3.2 billion in July. Continue reading