Canada Trade Deficit Exceeds C$3 Billion for 2nd-Straight MonthBy
Canada’s merchandise trade deficit exceeded C$3 billion ($2.5 billion) for a second month in July as exports slumped.
The shortfall of C$3.04 billion followed a revised C$3.76 billion reading for June, Statistics Canada reported Wednesday from Ottawa. Economists predicted a C$3.3 billion deficit according to the median in a Bloomberg survey.
Exports fell by 4.9 percent in July, and are down almost 10 percent over two months, adding to concerns Canada’s recovery may be more fragile than it appears. Imports, meanwhile, declined by 6 percent. Statistics Canada attributed the declines to price swings as the country’s currency surged against the U.S. dollar.
— With assistance by Erik Hertzberg