OTTAWA – Canada’s trade surplus hit $1.5 billion in August, its lowest since the start of the year, Statistics Canada said on Wednesday.

This compares to a revised surplus of $2.4 billion for July, down from an initial reading of $4.1 billion.

Total exports fell 2.9% to $65.4 billion in August, losing ground for the second straight month, the federal agency said.

Energy products exports fell 6.0% to $18.4 billion, while crude oil exports fell 5.7%, mainly due to lower prices.

Meanwhile, total imports fell 1.7% to $63.9 billion, marking another second straight monthly decline.

Imports of motor vehicles and parts fell 7.1% in August, with imports of passenger cars and light trucks falling 9.5% and engines and parts falling 7.4%.

In volume terms, exports fell 1.3% in August while imports fell 0.7%.

“At the end of two months, it still looks like trade will contribute to growth in the third quarter; However, the monthly data is subject to significant revisions that could alter the level of support,” noted Bank of Montreal economist Shelly Kaushik.

At the regional level, Statistics Canada pointed out that the trade surplus with the United States was basically unchanged at $10.7 billion in August. Exports to the United States fell 2.5% and imports from the country, Canada’s main trading partner, fell 3.3%.

Canada’s trade deficit with countries other than the United States was $9.2 billion in August, compared with a deficit of $8.3 billion in July, the first increase in four months.

Exports to countries other than the United States fell 4.3% in August, while imports from countries other than the United States rose 1.1%.

In a separate report, Statistics Canada said the country’s deficit in international trade in services rose to $1.9 billion in August, from $1.6 billion in July. Imports of services rose 2.1% to $14.5 billion and exports rose 0.3% to $12.6 billion.

Overall, Canada’s trade balance with the world for goods and services ended August, the first of the year, in deficit of $369 million (M$), compared to a surplus of $740 million in July.