Canada Trade Deficit Widens in May


Canada's merchandise trade deficit increased to CAD 3.34 billion in May from an downwardly revised CAD 2.99 billion deficit in April, as exports were down 0.6 percent while imports rose 0.2 percent.

Exports declined to CAD 42.0 billion in May, the fifth consecutive monthly decrease. Exports of metal and non-metallic mineral products were down 5.8 percent, driven by a 19.7 percent decrease of fabricated metal products; and sales of unwrought precious metals and precious metal alloys (-4.6 percent) and unwrought nickel and nickel alloys (-13.4 percent) also fell. Metal ores and non-metallic minerals fell 9.2 percent, with the largest decreases occurring in other metal ores and concentrates (-41.3 percent), copper ores and concentrates (-12.2 percent) and potash (-7.9 percent).

In contrast, exports of aircraft and other transportation equipment and parts rose 10.3 percent and sales of motor vehicles and parts were up 2.7 percent.

Imports edged up to CAD 45.3 billion in May, as 7 of 11 sections reported growth. Imports of consumer goods were up 2.3 percent; purchases of miscellaneous goods and supplies grew 9.1 percent; and imports of pharmaceutical and medicinal products rose 4.8 percent. Imports of metal and non-metallic mineral products rose 5.0 percent, as unwrought precious metals and precious metal alloys, were up 43.6 percent; and purchases of basic and industrial chemical, plastic and rubber products increased 5.1 percent, as imports of lubricants and other petroleum refinery products rose 20.6 percent and basic chemicals increased 12.3 percent.

Meanwhile, imports of aircraft and other transportation equipment and parts declined 12.4 percent. Also, purchases of industrial machinery, equipment and parts were down 5.0 percent.

Year-on-year, total exports shrank 6.7 percent while imports expanded 2 percent.

Canada Trade Deficit Widens in May


Statistics Canada | joana.ferreira@tradingeconomics.com
7/7/2015 2:53:26 PM