“In August, Canada’s merchandise trade balance with the world was in a surplus position for the first time since December 2016. The $526 million surplus followed a $189 million deficit in July,” Statistics Canada announced today.
Key takeaways from the press release
- Both imports and exports declined in August. Imports fell 2.5%, mainly on lower imports from non-US countries, while exports were down 1.1%, mostly on decreased exports of passenger cars and light trucks.
- Imports from countries other than the United States fell 4.5% to $17.6 billion in August.
- In real (or volume) terms, imports declined 1.5% and exports fell 0.7%.
- Aluminum exports subject to a 10% customs tariff fell 13.2% in August.
- Imports of steel products from the United States subject to a 25% tariff fell 12.8% in August.
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