Loading articles...

Statistics Canada says trade deficit narrowed as both exports and imports fell

Last Updated Oct 6, 2020 at 8:37 am MST

A worker installs parts on the production line at Chrysler's plant, in Windsor, Ont., on January 18, 2011. Statistics Canada says the country's merchandise trade deficit was $2.45 billion in July as both imports and exports continued to post strong gains, but remained below pre-pandemic levels. THE CANADIAN PRESS/Geoff Robins

OTTAWA — Statistics Canada says the country’s merchandise trade deficit narrowed to $2.4 billion in August as both exports and imports fell.

The agency says the result compared with a deficit of $2.5 billion in July.

Economists on average had expected a deficit of $2 billion for August, according to financial data firm Refinitiv.

Both exports and imports edged lower in August after seeing double-digit percentage gains in June and July.

Total imports fell 1.2 per cent in August to $47.4 billion due in large part to lower imports of aircraft and other transportation equipment and parts.

Total exports fell 1.0 per cent to $44.9 billion as exports of motor vehicles and parts fell 6.8 per cent.

This report by The Canadian Press was first published Oct. 6, 2020.

The Canadian Press