Statistics Canada says merchandise trade deficit $2.45 billion in July

Statistics Canada says merchandise trade deficit $2.45 billion in July

Motor vehicles and parts products helped boost imports and exports

OTTAWA — Statistics Canada says the country’s merchandise trade deficit was $2.45 billion in July as both imports and exports continued to post strong gains, but remained below pre-pandemic levels.

The result compared with an updated deficit figure of $1.59 billion for June. The agency’s initial estimate for that month had been a deficit of $3.19 billion for the month.

Economists on average had expected a deficit of $2.5 billion for July, according to financial markets data firm Refinitiv.

Statistics Canada says the motor vehicles and parts product category helped boost both imports and exports for the month.

Imports for July rose 12.7 per cent to $47.9 billion as imports of motor vehicles and parts increased 50.3 per cent, while exports rose 11.1 per cent to $45.4 billion as exports of motor vehicles and parts increased 37.0 per cent.

Compared with February, the month before the pandemic brought the economy to a near halt, imports were down 4.1 per cent and exports were off 6.0 per cent.

This report by The Canadian Press was first published Sept. 3, 2020.

The Canadian Press

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