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Canada's trade deficit grows

Published by Steve Coleman on August 11, 2011

Canadians bought more than they sold in June, raising the country's trade deficit from $1 billion to $1.6 billion.

The month's trade numbers from Statistics Canada say exports fell to $36.5 billion, most of that from a decline in energy, vehicles and automobile parts. Overall, production volumes fell 2.2 per cent.
At the same time, prices rose 0.5 per cent in everything but energy products.

One of the big reasons Canada's trading deficit rose from May's $1 billion mark was the fact fewer goods crossed the border in both directions. Canada's merchandise exports fell 1.7 per cent for the month while imports decreased 0.2 per cent.

Exports to the United States fell 2.4 per cent to $26.5 billion, while imports tumbled 2.3 per cent to $22.8 billion. Canada's trade surplus with the United States went from $3.7 billion in May to $3.6 billion in June.

Imports from the rest of the world increased 3.1% to a record high $15.2 billion. Exports to those same countries had a slight 0.3 per cent increase to $10 billion. Canada's trade deficit rose from $4.8 billion in May to a new record, $5.2 billion in June.

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