Canada shifts from trade surplus to $1.4 billion deficit in May

Friday, 02 July 2021 20:32:13 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canada's merchandise imports increased 2.1 percent in May, while exports fell 1.6 percent. As a result, Canada's merchandise trade balance moved from a surplus of $462 million in April to a deficit of $1.4 billion in May.

After falling 4.1 percent in April, total imports increased 2.1 percent to $50.9 billion in May. Imports were up in 7 of the 11 product sections. In real (or volume) terms, total imports rose 2.5 percent in May.

Total exports decreased 1.6 percent to $49.5 billion in May. Exports declined in 8 of the 11 product sections. In real (or volume) terms, total exports fell 3.1 percent.

Imports from countries other than the United States, which rose 5.3 percent in May, drove the growth in total imports. Several countries were behind this increase, including Japan, Italy, Mexico, and China. Exports to non-US countries were down 3.0 percent, mainly on lower exports to the United Kingdom.

Canada's trade deficit with countries other than the United States widened from $6.1 billion in April to a record $7.5 billion in May.

Imports from the United States edged up 0.1 percent in May, while exports to the United States fell 1.1 percent. As a result, Canada's trade surplus with the United States narrowed from $6.6 billion in April to $6.1 billion in May.


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