Canada's Non-US Exports Hit Record C$25.6 Billion as US Sales Drop 6.6% in July
Updated
Updated · The Deep Dive · Sep 3
Canada's Non-US Exports Hit Record C$25.6 Billion as US Sales Drop 6.6% in July
2 articles · Updated · The Deep Dive · Sep 3
Summary
Non-US shipments rose 7.4% to a record C$25.6 billion in July, extending a third straight monthly gain as exports to the United States fell 6.6%, their sharpest drop since April.
Total exports still slipped 2.3% to C$76.1 billion—the first decline in six months—as metal and non-metallic mineral products fell 8.5% and energy products dropped 4.4%.
Gold was a key drag: unwrought gold, silver and platinum group metal exports sank 13.1% on weaker foreign demand for Canadian-held gold and lower prices, while crude oil exports fell 5.6%.
Some sectors offset the weakness, with aircraft and other transportation equipment exports up 34.9% and farm, fishing and intermediate food products rising 5.5% as canola shipments to China, Pakistan and Japan jumped 43.2%.
Imports increased 2.2% to C$75.4 billion, led by an 11.4% rise in motor vehicles and parts, leaving Canada with a C$769 million trade surplus, down sharply from C$4.2 billion in June.