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Canada halves trade deficit

Published by Steve Coleman on September 08, 2011

More exports helped cut Canada's trade deficit in half in July.

Statistics Canada says merchandise exports rose 2.2 per cent in July, while imports increased 0.5 per cent.

As a whole, Canadians spent $753 million more than they sold for the month. In June, the deficit for the month rang in at $1.4 billion.

Machinery and equipment exports increased for the third month in a row, jumping ahead 5.5 per cent to $6.8 billion in July with a 5.3 per cent volume increase. Aircraft, engines and parts led the charge, up 16.1 per cent. Telecommunication equipment exports rose 12.6 per cent.

Automotive parts exports rose 7.6 per cent to $4.9 billion with passenger vehicles and chassis contributing the most.

Industrial goods and materials exports increased for a third-straight month, up 2.8 per cent from June, to $9.9 billion. Metal ores reached a new $1.6 billion high, rising 48.1 per cent on the strength of copper and nickel ore, concentrates and scrap.

The big losers for the month were chemicals, plastics and fertilizers - falling 10.4 per cent - and energy products.

Lower prices and volumes drove energy exports down 2.1 per cent in July. Crude oil exports were down for the fourth-straight month.

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