OTTAWA, Ont. — Canadian merchandise imports and exports declined in May for the second consecutive month after both reached record levels in March; however, the nation’s trade balance with the world remained relatively unchanged at $5.9 billion, as imports and exports fell by nearly the same value.
Exports fell 1.2% to $39.9 billion, largely the result of declines in automotive products and exports have hovered around the $40-billion mark since December 2006. Imports declined 1.4% to $34.1 billion in May, despite robust growth in energy products.
Canada’s trade surplus with the U.S. narrowed to $7.8 billion in May from a revised $8.1 billion in April, as exports to Canada’s largest trading partner dropped at a sharper rate than imports.
Elsewhere, the value of imports from countries other than the U.S. declined, as did the value of exports to those destinations. The decline in imports was twice that of exports, and the deficit with these countries narrowed to $1.9 billion.
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