Canada's trade deficit widens to $3.7 billion in June

Canada's trade deficit widens to $3.7 billion in June

Imports of energy products down 13%, marking 5th decline in 2023

By Ovunc Kutlu

ISTANBUL (AA) - Canada's trade deficit widened to $3.7 billion in June, according to the country’s statistical body on Tuesday.

The expectation for the figure was to show a deficit of $2.9 billion. The trade deficit for May was revised to $2.7 billion, from $3.4 billion.

"Following a 3.0% decrease in May, total exports were down 2.2% in June, with 9 of the 11 product sections posting declines," Statistics Canada said in a statement. "Exports of energy products and farm, fishing and intermediate food products were responsible for more than two-thirds of the retreat."

Exports of metal and non-metallic mineral products fell 8% in June, due to lower exports of gold, silver, platinum group metals and their alloys, it added.

"After rising 3.0% in May, total imports decreased 0.5% in June. While 7 of the 11 product sections posted declines, these were largely offset by the increase in imports of unwrought gold," said the agency.

Imports of energy products were down 13% in June, marking a fifth decline in 2023. Imports of refined petroleum energy products posted the biggest decrease with 17%.

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