16 October 2024
Canadian Custom Brokerage

Statistics Canada reports a merchandise trade deficit of $1.1 billion in August

Statistics Canada announced that Canada’s merchandise exports were down 1.0% in August, while imports edged up 0.3%.

As a result, Canada’s merchandise trade balance with the world widened from a (revised) deficit of $287 million in July to a deficit of $1.1 billion in August. After accounting for the previous month’s revisions, this is the sixth consecutive monthly deficit.

The Federal agency notes that the August fall in exports was a second consecutive monthly decrease. Overall, 6 of the 11 product sections posted declines. Exports of energy products (-3.0%) posted the largest decrease in August, mainly on lower exports of crude oil (-4.1%). Exports of motor vehicles and parts increased 5.1% and partly offset the decrease in total exports in August.

After falling 1.4% in July, total imports edged up 0.3% in August. Overall, six product sections were up and five were down. Imports of motor vehicles and parts rose 2.4% in August and were the largest contributor to the overall growth. Imports of consumer goods (-2.8%) fell in August, partially offsetting these increases.

Exports to the United States were down 4.3% in August, partly due to lower exports of energy products to this country. Meanwhile, imports from the United States increased 0.9%. As a result, Canada’s merchandise trade surplus with the United States narrowed sharply from $10.5 billion in July to $8.0 billion in August.

Exports to countries other than the United States rose 10.3% in August while imports from those countries fell 0.7%. Canada’s trade deficit with countries other than the United States narrowed from $10.8 billion in July to $9.1 billion in August.

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