Statistics Canada says the country's merchandise trade deficit widened to $1.9 billion in May as exports fell to their lowest level since July last year. Gantry cranes sit idle as a container ship is docked at port during a work stoppage, in Vancouver, on Wednesday, July 19, 2023. THE CANADIAN PRESS/Darryl Dyck
OTTAWA – Statistics Canada says the country’s merchandise trade deficit widened to $1.9 billion in May as exports fell to their lowest level since July last year.
The agency says the result compared with a revised trade deficit of $1.3 billion for April. The initial reading had shown a deficit of $1.0 billion for the month.
For May, Statistics Canada says exports dropped 2.6 per cent to $62.4 billion as exports of metal and non-metallic mineral products fell seven per cent in the month.
Exports of energy products fell 2.4 per cent, due in large part to lower prices.
Meanwhile, imports fell 1.6 per cent in May to $64.4 billion as imports of metal and non-metallic mineral products fell 10 per cent and motor vehicles and parts dropped 4.4 per cent.
In volume terms, total exports fell 1.7 per cent in May, while total imports dropped 1.3 per cent.
This report by The Canadian Press was first published July 3, 2024.
