Thursday, September 9, 2010

Trade Deficit Widens In July: Statscan

(The Canadian Press)

Canada’s trade deficit with the world widened to $2.7 billion in July from $1.8 billion in June as exports fell and imports grew. Statistics Canada reports merchandise exports dropped 0.7 per cent in July as volumes declined in most sectors, while imports grew two per cent.

The agency says exports declined from $33 billion in June to $32.8 billion in July, the fourth decrease in six months. Overall, export volumes declined 0.6 per cent, falling in all export sectors with the exception of industrial goods and materials. Export prices edged down 0.2 per cent during the month.

Machinery and equipment, other consumer goods and forestry products led the decrease in the value of exports, while a gain in exports of industrial goods and materials moderated the decline.

Imports grew from $34.9 billion in June to $35.5 billion in July, the highest level since November 2008. Read more here.