Statistics Canada says merchandise trade deficit $5.9 billion in May

Statistics Canada says the country’s merchandise trade deficit narrowed to $5.9 billion in May as gold exports climbed higher.

The result compares with the record trade deficit of $7.6 billion seen in April.

Exports were up 1.1 per cent in May at $60.8 billion as exports of metal and non-metallic mineral products increased 15.1 per cent in May. Driving the change was a 30.1 per cent increase in exports of unwrought gold, silver and platinum group metals and their alloys — a category largely composed of unwrought gold.

Excluding metal and non-metallic mineral products, Statistics Canada says total exports fell 1.2 per cent as exports to the United States dropped 0.9 per cent. The agency says Canada’s share of exports headed to the U.S. was 68.3 per cent in May, one of the lowest proportions on record.

Meanwhile, total imports fell 1.6 per cent in May to $66.7 billion as imports of metal and non-metallic mineral products dropped 16.8 per cent. Imports of unwrought gold, silver, and platinum group metals plunged 43.2 per cent.

In volume terms, total exports rose 0.7 per cent in May, while total imports fell 0.6 per cent for the month.

Trade with the United States and other countries

The report also notes exports to the United States have decreased for a fourth consecutive month.

Amid the tariffs on imports of Canadian goods in the U.S., Canada’s exports to the United States dropped by 0.9 per cent in May. Imports from the United States were also down 1.2 per cent in May, marking the third consecutive monthly decrease.

Canada’s merchandise trade surplus with the United States widened from $3.1 billion in April to $3.2 billion in May.

Statistics Canada says exports to countries other than the United States rose 5.7 per cent in May, reaching a record high. The total merchandise trade – in both exports and imports – with countries other than the U.S. increased to $47.6 billion in May, a third consecutive record high.

Canada’s trade deficit with countries other than the United States dropped from $10.7 billion in April to $9.1 billion in May.

With files from The Canadian Press

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