Canadian good trade deficit widens in May

08 July, 2018, 22:51 | Author: Regina Silva

In an another report, the Bank of France revealed that the seasonally and working-day-adjusted current account deficit widened to Euro 2.9 billion in May from Euro 1.3 billion in the prior month.

In real terms, exports fell 1 percent, owing to the lower exports of metal ores and non-metallic minerals. Imports rose 1.7 percent, driven by aircraft and other transportation equipment and energy products.

Canada's trade deficit in May grew to C$2.77 billion ($2.11 billion) from C$1.86 billion in April on a sharp rise in imports of airliners and gasoline while exports edged down, Statistics Canada said on Friday. Aircraft drove the advance, more than tripling to $937 million on the import of several airliners from the United States.

StatsCan also said exports to countries other than the US rose slightly, by 0.2 per cent, to $12.5 billion.

Canada's trade surplus with the U.S. narrowed from Can$3.7 billion in April to Can$3.3 billion in May.

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"A number of Canadian refineries were temporarily shut down in May, resulting in higher imports to meet domestic demand for refined petroleum products".

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

Exports were off slightly for the month, falling 0.1 percent to Can$48.3 billion, on a 3.6 percent decline in sales of motor vehicles and auto parts.

"Turning to exports, delayed deliveries of engines and other auto parts from the USA suppliers created bottlenecks at Canadian assembly lines and hampered worldwide shipments in the motor vehicles/parts category".

The United States took 74.2 percent of all Canadian goods exports in May.

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