The government data agency Statistics Canada reports that Canada’s trade deficit with the world more than doubled from $460 million in June to $931 million in July.
The agency’s latest figures show Imports of basic and industrial, chemical, plastic and rubber products increased 12.8% to a record high $3.6 billion in July, while exports of aircraft and other transportation equipment and parts fell 22.8% to $1.3 billion.
The Statistics Canada report was released Wednesday (September 4).
Reuters Canada journalist David Ljunggren suggests the deficit (the 19th consecutive trade deficit) reflects “deep-seated exporter challenges such as uncertain foreign markets and a strong Canadian dollar.”
He quotes Peter Hall, chief economist at Export Development Canada: “There’s no question about this being a disappointing month.”
Canada’s trade deficit with the world widened from $460 million in June to $931 million in July. (Table: Statistics Canada)
More information:
Statistics Canada – Canadian international merchandise trade, July 2013 – here
Reuters Canada – Canada July trade deficit jumps as imports climb, exports fall – here
CBC News – Canada’s trade gap unexpectedly rises as imports grow, exports fall – here
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