Meanwhile,
Canadian trade deficit widens even:
Canada’s trade deficit increased in June, going from $ 5.5 billion in the month before $ 5.9 billion, according to data published Tuesday by the National Statistics Agency.
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June imports, up 1.4%. For example, were mainly attributable to the “high value” shipment of a piece of equipment for an oil project offshore off Newfoundland, in the east of the country.
Total exports increased by 0.9%. a second increase in a row after the “largest decline” of the last canadian trade deficit widens even five years, recorded in April, in the context of the tariff war initiated by the Trump administration in the United States.
Trade between the two North American countries have slightly rebounded despite exports still lower than they were a year earlier.
In June, Canada’s exports to its southern neighbor increased by 3.1%, but continue to be “12.5% lower than June 2024,” said Statistics Canada in a statement.
Imports from the United States increased by 2.6% after posting three consecutive monthly drops.
“Today’s data suggests a resumption of bilateral exchanges. but in reality imports are swollen by a specific shipping, of great value,” commented in a note, the economist of CIBC, Andrew Grantham.
According to Marc Ercolao. TD economist, the weakness of trade and the uncertainty of the border trade show no sign of respite due to the inability of Canada and the United States to conclude a new trade agreement.
canadian trade deficit widens even
On Friday. the White House increased customs duties on Canadian products not covered by a preexisting trade agreement, the Canada-United States-Mexico (ACEUM) to 35%.
“On a more positive note. Canadian exports to countries other than the United States seem to be doing pretty well,” said Ercolao.
Canadian Ministers of Finance and Foreign Affairs are visiting Mexico this week to strengthen commercial partnerships between Canada and Mexico.
According to economists. Canadian exports should slowly regain vigor after the historic hollow of April, caused by customs duties of the Trump administration.
Canadian trade deficit widens even
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