Canada trade deficit expands as imports rise, exports edge down

OTTAWA-Canada's trade deficit widened in May as automotive exports fell and aircraft imports from the USA rose sharply.

In an another report, the Bank of France revealed that the seasonally and working-day-adjusted current account deficit widened to Euro 2.9 billion in May from Euro 1.3 billion in the prior month.

May imports were $258.4 billion, $1.1 billion more than April imports.

The year-on-year increase was 3.5 percent. Deficit widened to CAD 2.8 billion from a slightly revised CAD 1.90 billion in April. After struggling through the middle part of a year ago, exports had seen a revival in recent months due to a run-up in oil prices and stronger demand for non-energy exports. Most of the rise was accounted for by the delivery of several airliners from the United States.

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Imports rose by 1.7 percent, pushed up by a 17.7 percent jump in shipments of aircraft and other transportation equipment and parts.

Canada posted a trade deficit in May of 2.77 billion Canadian dollars (US$2.11 billion), Statistics Canada said Friday.

"Energy imports swelled to compensate for temporary shutdowns at Canadian refineries".

The federal agency said total exports edged down 0.1 per cent to $48.3 billion in May, mainly due to lower exports of motor vehicles and parts as well as metal ores and non-metallic minerals. "Higher imports from China (aircraft and other communications equipment), Belgium (pharmaceutical and medicinal products) and Germany were offset by lower imports from Mexico, among others".

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