Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Canada抯 Trade Deficit Widens as Imports Hit RecordThursday, October 10, 2013 > 08:57:06
Canada’s trade deficit in August climbed to $1.31 billion as imports grew by 2.1% to set a new record and exports rose by 1.8%, Statistics Canada said on Tuesday.
The deficit – the 20th in a row – exceeded analysts’ forecast of a $700 million shortfall. Statscan revised July’s deficit to $1.19 billion from an initial $931 million.
Imports hit $41.08 billion in August on higher shipments of energy products, aircraft and motor vehicles as volumes rose 1.2% and prices increased by 0.9%. The previous high was the $40.89 billion recorded in April 2013.
Exports advanced on higher shipments of energy products and mineral products. Volumes grew by 1.4% and prices edged up by 0.4%.
Exports to the United States, which comprised 75.7% of all Canadian exports in August, grew by 1.9% while imports rose by 0.1%. As a result the trade surplus with the United States grew to $3.99 billion from $3.44 billion in July.
The cumulative trade deficit for the first eight months of the year was $6.98 billion, the second highest January-August shortfall on record after the $9.14 billion posted in 2012.