Economic Indicators

Canada posts surprise May trade deficit as imports surge

2023.07.06 08:47


© Reuters. FILE PHOTO: The Irving Oil refinery is photographed at sunset on in Saint John, New Brunswick, March 9, 2014. The refinery, built by the Irving family in 1960, is the largest refinery in Canada and is the source of nearly one in three tanks of gasoline im

OTTAWA (Reuters) – Canada recorded a surprise trade deficit in May as energy and grains dragged down exports, while unwrought precious metals as well as motor vehicles contributed to a surge in imports, Statistics Canada data showed on Thursday.

The country’s trade deficit with the world came in at C$3.44 billion ($2.59 billion), the largest since October 2020, after a downwardly revised C$894 million surplus in April.

Analysts had forecast a surplus of C$1.15 billion.

Total imports increased 3% in May, capping three consecutive months of decline, helped by metal and non-metallic mineral products – largely unwrought gold, silver, and platinum group metals and their allows.

Motor vehicles and parts imports also contributed to the gain, rising 4.5% in May to reach a record-high C$11.3 billion. Higher imports of engines and parts reflected better supply chain conditions for Canadian automakers in 2023, Statscan said.

By volume, imports rose 3.5%.

Total exports decreased 3.8% during the same period, largely due to cheaper energy products as well as wheat and canola. By volume, exports declined 2.5%.

Demand for Canadian grains has slowed in recent months amid improving global supplies, especially for wheat and canola, Statscan said. This resulted in lower prices, providing an incentive for Canadian producers to wait for better market conditions.

($1 = 1.3277 Canadian dollars)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 92,440.77 1.36%
ethereum
Ethereum (ETH) $ 3,343.87 2.61%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 232.43 1.69%
bnb
BNB (BNB) $ 615.54 3.75%
xrp
XRP (XRP) $ 1.41 1.07%
dogecoin
Dogecoin (DOGE) $ 0.391235 2.54%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.968889 1.18%
staked-ether
Lido Staked Ether (STETH) $ 3,344.12 2.58%
avalanche-2
Avalanche (AVAX) $ 43.28 3.40%
tron
TRON (TRX) $ 0.195731 0.63%
the-open-network
Toncoin (TON) $ 6.17 0.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 1.58%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,952.21 2.85%
stellar
Stellar (XLM) $ 0.446148 7.78%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 92,221.71 1.53%
polkadot
Polkadot (DOT) $ 8.14 1.74%
chainlink
Chainlink (LINK) $ 17.47 0.19%
sui
Sui (SUI) $ 3.45 6.17%
bitcoin-cash
Bitcoin Cash (BCH) $ 495.40 0.10%
weth
WETH (WETH) $ 3,342.22 2.62%
near
NEAR Protocol (NEAR) $ 6.63 1.63%
pepe
Pepe (PEPE) $ 0.000018 4.07%
leo-token
LEO Token (LEO) $ 8.04 2.53%
litecoin
Litecoin (LTC) $ 93.44 0.34%
uniswap
Uniswap (UNI) $ 11.01 1.35%
aptos
Aptos (APT) $ 12.05 1.00%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,522.11 2.45%
internet-computer
Internet Computer (ICP) $ 11.24 3.76%
hedera-hashgraph
Hedera (HBAR) $ 0.138077 1.19%
usds
USDS (USDS) $ 1.00 0.07%
crypto-com-chain
Cronos (CRO) $ 0.174131 1.72%
ethereum-classic
Ethereum Classic (ETC) $ 28.57 4.59%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.530591 3.77%
bittensor
Bittensor (TAO) $ 560.28 1.38%
ethena-usde
Ethena USDe (USDE) $ 1.01 0.21%
render-token
Render (RENDER) $ 7.48 1.57%
kaspa
Kaspa (KAS) $ 0.149528 0.99%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 4.03%
arbitrum
Arbitrum (ARB) $ 0.875511 3.34%
celestia
Celestia (TIA) $ 8.12 3.96%
whitebit
WhiteBIT Coin (WBT) $ 23.72 1.15%
dai
Dai (DAI) $ 1.00 0.11%
vechain
VeChain (VET) $ 0.041626 2.26%
mantra-dao
MANTRA (OM) $ 3.67 1.16%
filecoin
Filecoin (FIL) $ 5.47 0.82%
bonk
Bonk (BONK) $ 0.000043 2.61%
blockstack
Stacks (STX) $ 2.14 0.36%
cosmos
Cosmos Hub (ATOM) $ 8.03 0.75%