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- Canada’s trade deficit narrows much more than anticipated in May
Canada’s trade deficit narrows much more than anticipated in May
Statistics
Canada announced on Thursday that Canada’s merchandise trade deficit stood at
CAD0.68 billion in May, narrowing from a revised CAD4.27-billion gap in April
(originally a CAD3.25-billion gap). That was the smallest trade gap since November
2019.
Economists had
expected a deficit of CAD3.00 billion.
According to
the report, Canada’s exports increased 6.7 percent m-o-m to $34.61 billion in
May, driven by higher exports of motor vehicles and parts (+76.2 percent m-o-m),
energy products (+14.5 percent m-o-m), consumer goods (+9.5 percent m-o-m) and
farm, fishing and intermediate food products (+9.1 percent m-o-m).
Meanwhile,
imports dropped 3.9 percent m-o-m to $35.29 billion in May, the lowest level since
November 2010, with the lower imports of basic and industrial chemical, plastic
and rubber products (-14.4 percent m-o-m) contributing the most to the decrease.
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