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(Photo: The Canadian Press)
In May, Canada’s goods imports rose 3% while exports fell 3.8%, causing Canada’s goods trade balance to fall from a surplus of US$894 million to a deficit of US$3.4 billion in May (B $) declined, the highest deficit since October 2020.
More than two-thirds of the decline observed by Statistics Canada was due to exports of energy products, as well as agricultural, fisheries and intermediate food products. These exports fell by 7.3% in May, largely due to lower prices.
Imports of metal and non-metallic mineral products increased by 12.3% in May, mainly due to a 42.8% increase in imports of gold, silver and platinum group metals in raw form and their alloys.
Exports to the United States, Canada’s top trading partner, fell 2.9% in May, partly due to lower crude oil exports. Imports from the United States rose 1.3% and as a result Canada’s trade surplus with the United States narrowed to $6.7 billion in May from $8.7 billion in April. It was the smallest surplus since May 2021.
Meanwhile, Canada’s non-US goods trade deficit widened to $10.2 billion in May from $7.8 billion in April.
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