OTTAWA — Canada’s merchandise trade deficit with the rest of the world shrank dramatically in June to $626 million, the smallest in 17 months.
Statistics Canada says the improvement was due to a 4.1 per cent increase in exports compared with May, to a record high $50.7 billion, mainly from higher exports of energy products and aircraft.
Energy exports — primarily oil — rose 7.1 per cent to $9.9 billion, the highest since October 2014.
Exports of transportation equipment and parts were up 18.9 per cent to a record $2.5 billion, with exports of business jets accounting for much of the increase.
Canada’s largest trading partner, the United States, was the destination for a record $37.1 billion of exports, up 2.5 per cent — mainly because of passenger cars and light trucks.
Meanwhile, imports from the United States were up 0.3 per cent to $32.9 billion, resulting in Canada’s trade merchandise trade surplus with the U.S. rising to $4.1 billion.
Canada’s overall imports were down 0.2 per cent in June to $51.3 billion.
The Canadian Press