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Canada posts smaller than expected trade deficit in May

AFP

A container ship unloads on July 1, 2005 at the P&O Central Terminal in the Port of VancouverA container ship unloads on July 1, 2005 at the P&O Central Terminal in the Port of Vancouver

A container ship unloads on July 1, 2005 at the P&O Central Terminal in the Port of VancouverA container ship unloads on July 1, 2005 at the P&O Central Terminal in the Port of Vancouver

Canada posted a lower-than-expected trade deficit of Can$152 million (US$142.7 million) in May, amid sustained increases in automotive exports, the government statistics agency said Thursday.

Exports were up 3.5 percent compared to April, while imports climbed 1.6 percent over the same period, Statistics Canada said.

Foreign sales of vehicle and auto parts advanced 9.8 percent in a fourth consecutive month of growth, totaling Can$6.6 billion.

Energy product exports meanwhile rose 3.4 percent to Can$10.9 billion while exports of consumer goods advanced 4.4 percent to a record Can$4.8 billion.

Imports of motor engines and motor vehicle parts was up 7.5 percent, driving imports for the overall motor vehicle and parts sector which was up 6.7 percent with Can$7.8 billion in May.

Import of metal ores and non-metallic minerals soared 44.5 percent to Can$1.0 billion "on higher volumes," the agency noted.

Declining 3.6 percent, imports of energy products fell to Can$3.6 billion.

Meanwhile, the trade surplus with the United States increased from Can$4.0 billion in April to Can$4.8 billion in May due to higher automotive exports.

Exports to other countries other than the United States climbed 8.3 percent, while imports from those same countries climbed 5.1 percent.

Date created : 2014-07-03