Canada's trade deficit shrank in May as auto industry exports picked up after disastrous performance in April, but exports were still down sharply compared with a year ago.
Thursday the merchandise deficit contracted to $677 million in May compared with a deficit of $4.3 billion in April when exports and imports both plunged due to the COVID-19 pandemic.
"Despite the narrowing of the merchandise trade deficit, trade flows remain at around two-thirds of pre-COVID levels, leaving plenty of wood to chop in the recovery," Reitzes wrote in note. Meanwhile, imports fell 3.9 per cent in May to $35.3 billion and were down by nearly a third compared with year ago.
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