Canada posts surprise trade deficit in May as imports surge

Canada’s trade deficit with the world came in at $3.44-billion, the largest since October 2020, after a downwardly revised $894-million surplus in April

Canada recorded a surprise trade deficit in May, a sign economic growth may be slowing, as energy and grains dragged down exports and unwrought precious metals and motor vehicles contributed to a surge in imports.

Total imports increased 3 per cent in May, capping three consecutive months of decline, helped by metal and non-metallic mineral products – largely unwrought gold, silver, and platinum group metals and their alloys. “The data is pretty sobering,” said Stuart Bergman, chief economist at Export Development Canada, the country’s export credit agency. “It shows a trend towards slower, below-trend growth here in Canada.”

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