Canadian international merchandise trade drops
OTTAWA, Ont. — Merchandise exports and imports dipped in May due to losses in most major sectors, particularly machinery and equipment.
Canadian companies exported just under $37.1 billion worth of merchandise in May, down 0.9 per cent from April, as global demand for high-tech equipment continued its decline.
At the same time, imports fell 1.4 per cent to $30.1 billion. According to Statistics Canada, slumping automotive, machinery and equipment imports more than offset sharp increases in incoming energy products and industrial goods and materials.
Merchandise exports to the U.S., Canada’s largest trading partner, declined 1.1 per cent to $31.6 billion; imports from south of the border fell also by 1.1 per cent to $22.1 billion. As a result, the trade surplus with the U.S. dropped slightly, from $9.6 billion to almost $9.5 billion.
Exports in the machinery and equipment sector, which accounted for 22.4 per cent of total exports, declined to $8.3 billion in May.
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