Canada: Trade deficit widens amid rising imports - NBF

Worker checks welded part from auto weld assembly line at Alfield Industries

The deficit on goods trade increased to Euro 4.9 billion from Euro 3.9 billion billion.

"The U.S. trade deficit dropped in May to the lowest level in 19 months as U.S. exports rose to a record level", says ABC News.

"Imports of aircraft and other transportation equipment and parts rose 17.7 per cent to $2.4 billion in May, the fifth consecutive monthly increase for this product section". Market expectations were for a trade deficit of C$2.2 billion, according to Royal Bank of Canada.

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Canada also imported 13.9 percent more refined petroleum energy products, for a total of Can$1.6 billion in May.

Exports fell 2.0 percent month-over-month in May, reversing a 2.9 percent increase a month ago.

Exports slipped by 0.1 per cent as shipments of motor vehicle and parts fell, in part because of disruption in the supply of auto parts from a plant in the United States.

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About 74.2 per cent of all Canadian goods exported in May went to the U.S.

The trade deficit rose to Euro 6.0 billion in May from Euro 5.21 billion in the previous month. Imports of aircraft and other transportation equipment as well as energy products contributed the most to the increase in May.

Imports from the United States rose one percent in May, totaling Can$32.6 billion, but exports to the USA edged down by 0.2 percent to Can$35.9 billion. "Higher imports from China (aircraft and other communications equipment), Belgium (pharmaceutical and medicinal products) and Germany were offset by lower imports from Mexico, among others".

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