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Trade deficit in Canada shrinks to eight-month low as exports rise

India Blooms News Service | | Oct 06, 2016, at 04:02 am

#Statistics Canada #Trade #Deficit #Low #Export #rise

Ottawa, Oct 5 (IBNS): Statistics Canada on Wednesday released a report stating Canada's trade deficit in August shrank to $1.94 billion, the lowest for eight months, as exports posted a third consecutive gain and imports stayed flat.

Analysts in a major agency poll predicted the deficit, the 24th in a row, was less than the $2.60 billion shortfall. Statscan revised July's deficit down to $2.19 billion from an initial $2.49 billion.

Exports on the other hand rose by 0.6 percent on the back of a healthy performance by the consumer goods and metallic products sections.

This however could please the Bank of Canada, which says non-energy exports are crucial to help in reviving an economy limped by low oil prices. Energy exports also increased.

Exports to the United States, which took 74.7 percent of all Canadian exports in August, fell by 1.6 percent while imports slipped by 0.1 percent. As a result, Canada's trade surplus with the United States dropped to $2.50 billion from $3.00 billion in July.

(Reporting by Debarati Mukherjee)

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