OTTAWA — Statistics Canada says the country’s merchandise trade deficit was $2.45 billion in July as both imports and exports continued to post strong gains, but remained below pre-pandemic levels.
The result compared with an updated deficit figure of $1.59 billion for June. The agency’s initial estimate for that month had been a deficit of $3.19 billion for the month.
Economists on average had expected a deficit of $2.5 billion for July, according to financial markets data firm Refinitiv.
Statistics Canada says the motor vehicles and parts product category helped boost both imports and exports for the month.
Imports for July rose 12.7 percent to $47.9 billion as imports of motor vehicles and parts increased 50.3 percent, while exports rose 11.1 percent to $45.4 billion as exports of motor vehicles and parts increased 37.0 percent.
Compared with February, the month before the pandemic brought the economy to a near halt, imports were down 4.1 percent and exports were off 6.0 percent.