Canada’s trade deficit fell
in August this year to $955 million
as Canada exported more oil and aircraft
Statistics Canada reported that
Canada’s merchandise trade deficit fell
from C$1.4 billion in July to C$955 million in August
while exports increased by 1.8%
while imports increased by only 1%
Canada’s total exports in August reached C$50.6 billion
So far in 2019, total exports
have increased by 2.4% over last year
The Bureau of Statistics said that the export of energy products is in a leading position.
After two consecutive months of decline
crude oil exports rose by 2.9%
nuclear fuel exports more than doubled
and refined petroleum products exports increased by 13% from July
Aircraft exports are also exploding, an increase of 38.7%
mainly due to a significant increase in sales of business jets to the United States.
Canada’s imports in August were 51.5 billion Canadian dollars, an increase of 1%
especially gold imports rose to the highest level in two years.
Despite the trade deficit between Canada and the rest of the world
Canada’s trade surplus with the United States has expanded further.
In August, Canada’s exports to the United States increased by 3.1%
and imports increased by 1.8%
bringing the trade balance between Canada and the United States to nearly C$5 billion.