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Canada’s merchandise exports declined for the third straight month in June in the wake of the largest drop in the machinery and equipment sector in 15 months.
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At the same time, imports rose marginally. As a result, Canada’s merchandise trade surplus with the world narrowed to $5.3 billion from $5.9 billion in May.
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Exports declined 1.0% to $39.3 billion, from a revised $39.7 billion in May. While the machinery and equipment sector was responsible for most of the overall decrease, automotive products also sustained significant declines.
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Imports increased 0.6% to $34.1 billion in June from a revised $33.9 billion in May. The increase was largely attributable to robust growth in industrial goods and materials.
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Canada’s trade surplus with the United States remained virtually unchanged at $7.7 billion, as both exports and imports increased by nearly the same value.
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Elsewhere, the value of exports to countries other than the United States fell, while the value of imports from those destinations grew, expanding the trade deficit with these countries to $2.4 billion.
