Statistics Canada says the country posted a merchandise trade deficit of $3.4 billion in May, the largest deficit since October 2020.
Signage marks the Statistics Canada offices in Ottawa on July 21, 2010. THE CANADIAN PRESS/Sean Kilpatrick
TD Bank economist Marc Ercolao said that while the report appeared to be following a broader downtrend in May, export activity in crude oil is expected to rebound in June as oil production in Alberta came back online after wildfires. Overall, Statistics Canada said exports fell 3.8 per cent to $61.5 billion in May as exports of energy products fell 7.3 per cent, in large part due to lower prices. Crude oil exports fell 8.3 per cent and exports of coal lost 14.5 per cent.Meanwhile, imports rose 3.0 per cent in May to $65 billion as imports of metal and non-metallic mineral products rose 12.3 per cent, helped higher by shipments of unwrought silver from the United Kingdom.
Canada's merchandise trade deficit with countries other than the United States was $10.2 billion in May compared with $7.8 billion in April.
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