Canada recorded a commerce deficit of $1.4 billion in May after posting a commerce surplus in April as imports rose and exports fell.
Statistics Canada stated the May commerce deficit adopted a revised surplus of $462 million in April in contrast with an preliminary studying of a $594-million surplus.
Total imports elevated 2.1% to $50.9 billion in May as imports of steel and non-metallic mineral merchandise climbed 17.7%.
At the identical time, whole exports fell 1.6% to $49.5 billion in May. Exports of shopper items dropped 8.8%, whereas exports of motor autos and elements fell 5.8%.
Canada’s commerce surplus with the U.S. fell to $6.1 billion in May in contrast with $6.6 billion in April, whereas the commerce deficit with the remainder of the world rose to a document $7.5 billion in May in contrast with $6.1 billion in April.
Statistics Canada famous that the Canadian greenback in May posted its largest month-to-month enhance in opposition to the U.S. greenback since July 2017 as the common worth of the Canadian greenback rose 2.4 cents U.S. in contrast with the common worth in April to 82.5 cents U.S.
Statistics Canada additionally reported the worldwide commerce in providers deficit rose to $384 million in May in contrast with $303 million in April as service exports fell 0.1% and repair imports rose 0.7%.
Canada’s mixed commerce steadiness for items and providers was a deficit of $1.8 billion in May in contrast with a surplus of $159 million in April.