July 6, 2017 / 12:39 PM / a year ago

UPDATE 1-Canada trade deficit jumps, but exports and imports hit record

OTTAWA, July 6 (Reuters) - Canada’s trade deficit almost doubled to C$1.09 billion ($845 million) in May but in a sign of economic strength, both exports and imports reached record highs, Statistics Canada data indicated on Thursday.

Analysts in a Reuters poll had forecast a shortfall of C$530 million. Statscan revised April’s deficit to C$552 million from an initial C$370 million.

Exports increased by 1.3 percent to hit C$48.69 billion, thanks largely to shipments of metal and non-metallic mineral products as well as motor vehicles and parts.

Imports climbed by 2.4 percent to C$49.77 billion, the sixth consecutive gain, on higher inward flows of aircraft and other transportation parts.

Exports to the United States, which accounted for 74.5 percent of all Canadian exports in May, dipped by 0.3 percent while imports grew by 3.6 percent. As a result, Canada’s trade surplus with the United States shrank to C$3.53 billion from C$4.76 billion in April. ($1=$1.29 Canadian)

Reporting by David Ljunggren; Editing by Jeffrey Benkoe

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