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Canadian merchandise imports set a new record high in July, in wake of the appreciation of the Canadian dollar in recent months.
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Imports continued to gain ground, jumping 3.5% to $35.7 billion, from a revised $34.5 billion in June. This second consecutive monthly rise was led by an advance in imports of automotive products.
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Canadian companies exported $39.3 billion in July, a 1.4% increase from the revised $38.8 billion in June. Industrial goods and materials and automotive products were the driving forces behind this increase.
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As a result, the nation’s trade surplus with the world narrowed to $3.7 billion, as imports increased at more than twice the pace of exports.
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Similarly, Canada’s trade surplus with the United States contracted to $6.5 billion, with imports increasing at a faster rate than exports.
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Both trade surpluses fell to their lowest levels since October 2006.
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At the same time, the Canada’s trade deficit with countries other than the United States widened slightly to $2.8 billion.
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Since April, the Canadian dollar has appreciated 8.0% against the US dollar, making imported goods cheaper. Simultaneously, volumes have increased.
