Tue, 04 Aug 2020

Canadian trade deficit continues down

Xinhua
03 Jul 2020, 03:05 GMT+10

OTTAWA, July 2 (Xinhua) -- Canada's trade deficit with other economies narrowed down to 677 million Canadian dollars in May from 4.3 billion Canadian dollars in April, according to Statistics Canada on Thursday.

Canadian exports increased 6.7 percent in May, hitting 34.6 billion Canadian dollars mainly due to the resumption of production in the auto industry as well as higher crude oil prices, after the COVID-19 caused record 29.1 percent decline in April.

Increases were observed in eight of 11 product sections and non-energy exports climbed 5.6 percent. However, on a year-over-year basis, total exports plunged 34.1 percent.

Meanwhile, imports decreased a further 3.9 percent, due to supply challenges at a time when various economies around the world were progressively re-opening.

In real terms, exports rose 3.8 percent in May while real imports fell 6.7 percent.

One Canadian dollar is about 0.73 U.S. dollar.

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