Canada's trade deficit shrinks in May as exports rise

08:36, July 13, 2011      

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Canada's trade deficit with the rest of the world narrowed to 814 million Canadian dollars (842 million U.S. dollars) in May as exports increased, Statistics Canada announced on Tuesday.

The figure was down from 857 million Canadian dollars in April.

Exports increased 1.2 percent to 36.9 billion Canadian dollars, boosted by higher volumes of machinery and equipment as well as automotive products.

Over the same period, imports increased 1.1 percent to 37.8 billion Canadian dollars, with sectors except energy products recording gains. Prices rose 2.1 percent, led by energy products and industrial goods and materials.

Exports to the United States edged up 0.1 percent to 27.1 billion Canadian dollars, while imports increased 1.1 percent to 23.4 billion Canadian dollars in May, a third straight monthly increase.

Exports to countries other than the United States hiked 4.4 percent to 9.8 billion Canadian dollars, on the strength of higher exports to the European Union, while imports rose 1.1 percent to 14.4 billion Canadian dollars. (1 U.S. dollar equals 0.9662 Canadian dollar)

Source: Xinhua
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