Canada’s Merchandise Trade Records $1.1 Billion Deficit in August, According to Statistics Canada

October 8, 2024 TruthUSA

Statistics Canada reveals that in August, the country experienced a merchandise trade deficit of $1.1 billion due to lower oil prices impacting exports.

Compared to a revised deficit of $287 million in July, this result was a significant decrease. Initially, July’s reading suggested a surplus of $684 million.

The total exports in August fell by one percent to $64.3 billion. Energy products export dropped by three percent, with crude oil shipments decreasing by 4.1 percent primarily because of lower prices.

On the other hand, total imports increased slightly by 0.3 percent in August, reaching $65.4 billion, driven by a 2.4 percent rise in imports of motor vehicles and parts.

In terms of volume, total exports saw a marginal increase of 0.1 percent in August, while imports grew by 0.4 percent.