September 2, 2016 / 12:47 PM / 2 years ago

Canada July trade deficit shrinks sharply as exports jump

The CN Tower is reflected on an end table in the dining room of the Ritz Carlton residents model suite in Toronto, Ontario, Canada on May 1, 2012. REUTERS/ Mike Cassese/File Photo

OTTAWA (Reuters) - Canada’s trade deficit in July unexpectedly shrank to C$2.49 billion ($1.90 billion) from a record C$3.97 billion in June as exports jumped by 3.4 percent and imports stagnated, Statistics Canada data indicated on Friday.

The deficit - the 23rd in a row - was smaller than the C$3.25 billion shortfall forecast by analysts in a Reuters poll. Statscan revised June’s deficit upwards from an initial C$3.63 billion.

Non-energy products drove the growth in exports, with healthy gains seen in the motor vehicles and parts, metal and non-metallic mineral products and transportation equipment sectors.

Imports slipped by 0.1 percent on lower demand for consumer goods, vehicles and parts and electronic and electrical equipment and parts.

Exports to the United States, which took 76.2 percent of all Canadian exports in July, rose by 3.3 percent while imports fell by 0.5 percent. As a result, Canada’s trade surplus with the United States rose to C$2.62 billion from C$1.43 billion in June.

($1=$1.31 Canadian)

Reporting by David Ljunggren; Editing by Nick Zieminski

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