Canada’s trade deficit narrowed to Can$1.3 billion in August as both imports and exports fell, the government’s statistics agency said Thursday.
It was the fifth consecutive monthly trade deficit, coming in significantly lower than the Can$2.5 billion deficit registered in the previous month and the Can$1.8 billion deficit analysts had forecast.
Imports fell to Can$38.8 billion as declines occurred in every sector, except energy products, while exports topped Can$37.5 billion, said Statistics Canada.
Imports of metals and metal ores, mainly precious metals and alloys, machinery and equipment, motor vehicle parts as well as trucks and other motor vehicles declined.
Crude petroleum imports rose. Western Canada exports oil while the country’s eastern provinces import oil.
Exports of fertilizers as well as iron ores, concentrates and scrap, and motor vehicle parts fell. Exports of crude oil rose. Wheat exports were also up for the first time in four months.
Canada trade deficit narrows in August
