Canada’s merchandise trade balance recorded its second consecutive monthly deficit on falling exports.
The country posted a $3.7 billion trade deficit in June — the largest since October 2020 — from an upwardly revised $2.7 billion deficit in May, Statistics Canada reported Tuesday in Ottawa. Total exports were down 2.2 per cent that month, while imports decreased 0.5 per cent. Stripping away the impact of prices, Canada exports fell 1.1 per cent, while imports were up 0.9 per cent.
“This will leave overall growth increasingly reliant on domestic demand, and in particular consumer spending, the resilience of which appears to be slowly cracking under the pressure of higher interest rates,” Andrew Grantham, an economist at Canadian Imperial Bank of Commerce, said in a note to investors.
Faltering economic momentum at the end of the second quarter also points to a “weak handoff” to start the third, Shelly Kaushik, an economist at Bank of Montreal, said in a report to investors.
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