Canadian Trade Deficit Widens In June
August 11, 2011 by UPI - United Press International, Inc.
OTTAWA, Aug. 11 (UPI) — Canada’s international trade deficit widened to $1.6 billion in June with a 1.7 percent decrease in exports, Statistics Canada reported from Ottawa Thursday.
“Exports fell to $36.5 billion, largely the result of declines in energy products and automotive products,” the agency said. “Exports of energy products declined 5.1 percent to $8.7 billion in June, the result of lower volumes and prices.”
Canada and the United States are one another’s largest trading partners. Canada’s U.S. exports fell 2.4 percent to $26.5 billion in June, while imports fell 2.3 percent to $22.8 billion, the report said.
A 0.2 percent overall decline in imports to $38 billion had little effect on the trade deficit increase from $1 billion to $1.6 billion, StatsCan said.
Excluding the United States, imports from other countries increased 3.1 percent to a record high of $15.2 billion as exports edged up 0.3 percent to $10 billion, the report said.
During June, Canada’s dollar, commonly called the Loonie, averaged 2-3 cents above the U.S. dollar, which has negative effects on U.S. exports and positive impact on imports.