According to Statistics Canada, in June, Canada's merchandise exports decreased 2.2 percent, while imports were down 0.5 percent. As a result, Canada's merchandise trade deficit with the world widened from $2.7 billion in May to $3.7 billion in June.
Following a 3.0 percent decrease in May, total exports were down 2.2 percent in June, with 9 of the 11 product sections posting declines. Total exports in real (or volume) terms fell 1.1 percent in June. As for export prices, they declined for the 11th time in the past 12 months. From June 2022 to June 2023, total export prices decreased 14.2 percent. However, during the same period, the value of total exports declined 12.3 percent, meaning that exports in real terms in fact increased.
After rising 3.0 percent in May, total imports decreased 0.5 percent in June. While 7 of the 11 product sections posted declines, these were largely offset by the increase in imports of unwrought gold. In real (or volume) terms, imports were up 0.9 percent.
In June, exports to countries other than the United States decreased 5.5 percent, while imports from these countries edged down 0.1 percent. As a result, Canada's merchandise trade deficit with countries other than the United States rose from $10.4 billion in May to a record high of $11.2 billion in June.
In June, exports to the United States were down 1.2 percent, while imports decreased 0.7 percent. As a result, Canada's trade surplus with the United States narrowed from $7.7 billion in May to $7.4 billion in June.