Statistics Canada announced that Canada's merchandise exports rose 2.5% in August, while imports were down 2.0%. As a result, Canada's merchandise trade surplus with the world widened from $787 million in July to $4.2 billion in August. This was the sixth consecutive monthly trade surplus.

The Federal Agency notes that the August increase in exports comes after a drop of 2.6% in July. Overall, August gains were observed in 8 of the 11 product sections. Excluding energy products, exports were up 1.8%. As for imports, August registered the first decline since January. Despite the overall decrease, gains were observed in 6 of the 11 product sections. Imports of motor vehicles and parts posted the largest decline in August. Excluding this product section, imports fell 0.5%.

Exports to the United States rose 8.1% in August, while imports were down 2.5%. As a result, Canada's trade surplus with the United States widened from $6.1 billion in July to $11.2 billion in August. This is the largest positive monthly change ever observed in Canada's trade balance with the United States.

Exports to countries other than the United States fell 8.5% in August. The largest contributors to this decline were exports to the United Kingdom (unwrought gold), the Netherlands (energy products) and France (aircraft and crude oil). The share of Canadian exports destined to countries other than the United States stood at 30.2% in August, down from 33.9% in July.

Imports from countries other than the United States decreased 1.4% in August. Lower imports from Saudi Arabia (crude oil), Japan (passenger cars and light trucks) and South Korea (passenger cars and light trucks) were partly offset by higher imports from Germany (aircraft and passenger cars) and China (various products).

Canada's trade deficit with countries other than the United States widened from $5.3 billion in July to $7.0 billion in August.

 

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