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Canada’s trade surplus with the world declined to $4.9 billion in July from $5.6 billion in June, as the growth in imports surpassed the growth in exports.
Canada’s exports continued to rise, increasing 2.2% to $44.3 billion in July, as volume increased 1.7% and prices rose 0.5 %. The value of exports has been on the rise throughout 2008, largely reflecting rising export prices.
Imports rose 4.6% to $39.4 billion, the fourth consecutive monthly increase. The growth was due to rising volume, which was up 3.6%, while prices increased 1.0%. Import prices have been on an upward trend for the past nine months while volume movements have been trending upward since April 2008.
Exports to the United States rose 3.1% to $34.2 billion. Imports increased 8.0% to $25.3 billion, yielding a trade surplus with the United States of $8.9 billion, down from $9.7 billion.
Exports to countries other than the United States decreased 0.7%, while imports from these countries as a group declined 0.9%. As a result, the trade deficit with countries other than the United States narrowed to $4.0 billion from $4.1 billion.
