Canada Trade Gap Narrows in August
Canada’s trade gap decreased to CAD 0.96 billion in August 2019 from an upwardly revised CAD 1.38 billion in the previous month and against market expectations of a CAD 1.0 billion gap. Exports were up 1.8 percent, while imports rose at a softer 1.0 percent.
10/4/2019 12:59:36 PM
Exports from Canada rose 1.8 percent month-over-month to CAD 50.58 billion in August 2019 from a downwardly revised CAD 49.66 billion in July. Shipments increased for energy products (3.9 percent), driven by higher exports of crude oil (2.9 percent); aircraft (38.7 percent) and metal and non-metal products (3.6 percent). Meanwhile, lower exports of motor vehicles and parts (-2.3 percent) partially offset the increase in total exports.
Exports to the US rose 3.1 percent in August while those to countries other than the US were down 0.5 percent.
Imports to Canada rose 1.0 percent month-over-month to CAD 51.54 billion in August 2019 from an upwardly revised CAD 51.05 billion in the previous month. Higher imports of metal and non-metallic mineral products (9.4 percent) were the main contributor to the overall gain, mainly on imports of gold, which reached their highest level in more than two years. Also, imports advanced for energy products (9.7 percent) and metal ores and non-metallic minerals (8.8 percent). Meanwhile, these increases were partially offset by a 2.5 percent decrease in imports of consumer goods.
Imports from the US increased 1.8 percent while those from countries other than the US dropped 0.5 percent.
Canada's trade surplus with the United States widened from CAD 4.4 billion in July to CAD 4.9 billion in August.