Canada’s trade surplus drops to $769M in July: StatCan

Canada’s trade surplus dropped to $769 million in July as exports fell for the first time in six months according to Statistics Canada.

StatCan says that’s sharply lower than the $4.2 billion figure reported in June.

The agency reports that this result came ahead of new U.S. tariffs in August and the Canadian counter-tariffs that will take effect next week.

At the end of August, trade tensions ramped up after talks between Canada and the U.S. collapsed. New American tariffs were imposed on about $28 billion in Canadian goods, ranging from hockey sticks to honey.

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Canada has announced retaliatory tariffs affecting nearly $28 billion worth of U.S. imports, scheduled to take effect on Sept. 8.

Meanwhile, U.S. President Donald Trump is threatening to increase Canadian automotive tariffs to 50 per cent from 25 per cent in the new year.

StatCan says the July trade surplus came as exports dropped 2.3 per cent, led by declines in metals, minerals and energy products, including crude oil.

Additionally, imports climbed 2.2 per cent to over $75 billion, helped by an increase in motor vehicle shipments.

With Files From The Canadian Press

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