Take Stock – July 11

Red Deer Regional Economic Development has a new face.

Economic development specialist joins local group

Red Deer Regional Economic Development has a new face. Erin Gates became the strategic alliance’s economic development specialist effective June 22. Originally from Regina, she has degrees in business and economics, as well as a diploma in hospitality, tourism and gaming entertainment management. Gates said one of her key roles with Red Deer RED will be to serve as a link and means of communication among its members: the City of Red Deer, Red Deer County, the Red Deer Chamber of Commerce and Red Deer College. She thinks the alliance provides good opportunities to promote the region and encourage local investment. “Between the four partners, there are so many resources to work with to really market the Red Deer region.”

Canada’s trade deficit widens: statscan

Canada’s trade deficit with the world widened to $1.4 billion in May from $389 million in April. Merchandise exports fell 6.9 per cent to $28.4 billion in May, as volumes declined 4.1 per cent and prices decreased 2.9 per cent. Statistics Canada reports imports were down 3.5 per cent to $29.8 billion due to a 4.9 per cent reduction in prices, while volumes rose 1.5 per cent. The Canadian dollar appreciated 6.4 per cent against the U.S. dollar in May. The agency says exports and imports declined for the third straight month in May and have been trending downwards since July 2008. Export volumes have fallen 23.7 per cent and prices have declined 16.2 per cent since last July. In comparison, import volumes have fallen 24.5 per cent while prices have edged down 0.1 per cent during the same period.

StatsCan says the continued weakness in global demand for energy products and the restructuring of the automotive industry accounted for more than half of the decrease in exports and imports.

— The Canadian Press

Exports to the United States fell 8.1 per cent to $20.3 billion, largely the result of lower exports of automotive products and crude petroleum. Imports decreased 3.3 per cent to $18.8 billion.

Consequently, Canada’s trade surplus with the United States shrank to $1.5 billion in May from $2.6 billion in April.

Canada’s trade deficit with countries other than the United States narrowed to $2.9 billion in May from $3 billion in April. Exports and imports both fell by 3.7 per cent.

All export sectors declined, with the largest movements observed in energy products and automotive products.

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