The FINANCIAL — Canada recorded a larger-than-anticipated trade deficit in May, for the second-biggest on record, as export volumes fell in the energy and nonenergy categories, according to Nasdaq.
Canada’s trade deficit for May widened to 3.34 billion Canadian dollars ($2.64 billion) from a slightly revised C$ 2.99 billion deficit in April, Statistics Canada said on July 7. Market expectations were for a May trade deficit of C$ 2.50 billion, according to economists at Royal Bank of Canada.
Overall, exports declined 0.6% in May, as volumes fell 2.5% while prices rose 1.9%. Imports advanced 0.2%, on a 0.3% rise in volumes and a 0.1% drop in prices.
Energy exports rose 1.3%, although volumes fell 6.5%, whereas sales abroad of nonenergy goods — which the Bank of Canada has said would help drive a robust recovery by midyear — declined 1.0% on a 1.2% decrease in volumes.
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