OTTAWA, Ont. — Canadian merchandise imports set a record high in July thanks in part to the well-performing Canadian dollar, according to a report in the Toronto Star.
Led by imports of automotive products, imports jumped 3.5% to $35.7 billion, from a revised $34.5 billion in June.
Canadian companies exported $39.3 billion in July, a 1.4% increase from the revised $38.8 billion in June.
As a result, Canada’s trade surplus with the world narrowed to $3.7 billion, as imports increased at more than twice the pace of exports, according to the report.
Similarly, Canada’s trade surplus with the US contracted to $6.5 billion, with imports increasing at a faster rate than exports. Both trade surpluses fell to their lowest levels since October 2006.
At the same time, Canada’s trade deficit with countries besides the US widened slightly to $2.8 billion.
The Canadian dollar has appreciated 8% against the US dollar since April, making imported goods cheaper and boosting the volume of imports.
–with files from the Toronto Star
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News