OTTAWA (Reuters) - Canada’s trade deficit grew slightly to C$622 million in August as imports grew at a faster rate than exports, Statistics Canada said on Thursday.
Analysts had forecast the deficit would be C$1.00 billion in August. Statscan revised July’s deficit to C$539 million from an initial C$753 million.
Overall exports grew by 0.5 percent from July on higher shipments of machinery and equipment, industrial goods and materials. Prices were up 1.6 percent while volumes declined by 1.1 percent.
Imports grew by 0.7 percent, pushed up by a 2.5 percent increase in machinery and equipment and a 2.3 percent advance in automotive products. Imports of energy products dropped 13.6 percent on a 25.3 percent plunge in crude petroleum.
Exports to the United States, by far Canada’s top trade partner, fell by 2.3 percent while imports were up 2.0 percent. The bilateral trade surplus slipped to C$2.54 billion from C$3.65 billion in July.
Reporting by David Ljunggren