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Canada merchandise trade deficit shrinks to $476M in June

(NEWS 1130 File Photo)

Exports increased and imports fell compared to previous month

OTTAWA (NEWS 1130) – Statistics Canada says the country had a $476 million merchandise trade deficit with the rest of the world in June, substantially less than economist estimates, as exports increased and imports fell compared with the previous month.

The trade deficit was far less than the $3.4 billion gap in May, according to the agency’s latest revision.

Thomson Reuters said economists had estimated a deficit of $2.8 billion.

Statistics Canada says the value of merchandise exports in June were up 6.3 per cent from the previous month, with gains both to the United States and the rest of the world.

With volumes up 4.8 per cent and firmer prices, exports rose to $44.6 billion in June.

This was the first increase following five consecutive monthly declines.