Jin10 data July 3 news, Thursday's data showed that Canada's trade deficit in May narrowed as expected, showing improvement after a record deficit in April. Despite the impact of U.S. tariff policies on exports to the U.S., the trade deficit for the month fell to 5.9 billion CAD (approximately 4.34 billion USD) thanks to a rebound in total exports and a decline in imports. Statistics Canada reported that the trade deficit in May narrowed from a revised 7.6 billion CAD in the previous month, primarily driven by a 1.1% month-on-month rise in exports—this is the first increase in exports in four months after a big dump of 11% in April, mainly fueled by record exports to non-U.S. markets. Excluding the special year of the pandemic in 2020, the bilateral import and export volumes between Canada and the U.S. both fell to historic lows in May. The U.S., which is the destination for three-quarters of Canada's exports, has seen its import volume decline for the fourth consecutive month, with a decrease of 0.9% in May.
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Canada's trade deficit narrowed in May as exports to the U.S. continued to decline.
Jin10 data July 3 news, Thursday's data showed that Canada's trade deficit in May narrowed as expected, showing improvement after a record deficit in April. Despite the impact of U.S. tariff policies on exports to the U.S., the trade deficit for the month fell to 5.9 billion CAD (approximately 4.34 billion USD) thanks to a rebound in total exports and a decline in imports. Statistics Canada reported that the trade deficit in May narrowed from a revised 7.6 billion CAD in the previous month, primarily driven by a 1.1% month-on-month rise in exports—this is the first increase in exports in four months after a big dump of 11% in April, mainly fueled by record exports to non-U.S. markets. Excluding the special year of the pandemic in 2020, the bilateral import and export volumes between Canada and the U.S. both fell to historic lows in May. The U.S., which is the destination for three-quarters of Canada's exports, has seen its import volume decline for the fourth consecutive month, with a decrease of 0.9% in May.