Trade deficit due to circumstances beyond government control: trade minister

Federal Trade Minister Ed Fast says Canada’s near-record trade deficit in May was due to circumstances in the global market beyond the government’s control.

TORONTO — Federal Trade Minister Ed Fast says Canada’s near-record trade deficit in May was due to circumstances in the global market beyond the government’s control.

Fast says the worldwide slide in oil prices, which have fallen by nearly half in the last year, have hurt Canada’s performance but they distort the country’s true economic picture.

He says once oil prices are factored out, the economy’s performance is sound, and he expects the country will soon return to positive economic growth.

On Tuesday, Statistics Canada said the trade deficit grew to $3.34 billion in May, up from $3.0 billion in April.

Statistics Canada also reported last week that the economy contracted in April — the fourth straight monthly decline.

That has sparked speculation about a possible recession.

Just Posted

Red Deer business moves away from overdose prevention site

At least one Red Deer business has moved away from the temporary… Continue reading

PHOTO: Making way for new seniors’ housing complex

The former Red Deer nursing home is being torn down to make… Continue reading

Red Deer County woman seeks a living kidney donor

Merrill Kean has only 7 per cent of her kidney function left

‘I’m really happy:’ Edmonton judge rules Omar Khadr’s sentence has expired

EDMONTON — The last legal restrictions on Omar Khadr were lifted Monday… Continue reading

Decision time is coming for Red Deer-area canola farmers

China still refuses to purchase Canadian canola

Business tax relief is a sound idea

NDP leader should avoid picking winners and losers

Svechnikov scores in overtime, Carolina beats Montreal 2-1

RALEIGH, N.C. — The Carolina Hurricanes struggled to beat Montreal goaltender Carey… Continue reading

Canadian men’s soccer squad off to Gold Cup with 4-1 win over French Guiana

VANCOUER, B.C. — Canada’s men’s soccer team is looking to the future… Continue reading

Inquest into fatal Radiohead stage collapse set to get underway in Toronto

TORONTO — An inquest is set to get underway today into the… Continue reading

The Latest: Streisand apologizes for Jackson comments

NEW YORK — The Latest on Barbra Streisand’s comments about the sexual… Continue reading

Pricey Titanic wreck tours hope to bring new life to a century-old story

ST. JOHN’S, N.L. — Adventure tourists with money in the bank have… Continue reading

France investigates after older protester is injured in Nice

NICE, France — French authorities are investigating the case of an older… Continue reading

DOJ: Trump campaign did not co-ordinate with Russia in 2016

WASHINGTON — The Justice Department said Sunday that special counsel Robert Mueller’s… Continue reading

Most Read