Canada's trade deficit in goods widened in May, from Can$1.9 billion ($1.45 billion) to Can$2.8 billion, as imports rose while exports edged down, the national statistical institute announced Friday. Market expectations were for a trade deficit of C$2.2 billion, according to Royal Bank of Canada. "Year over year, total imports were up 3.5 per cent", said the federal agency.
The May figure was significantly higher than economists' average prediction of Can$2.1 billion. Aircraft drove the advance, more than tripling to $937 million on the import of several airliners from the United States.
"Imports rose 1.7 per cent in May to $51.1 billion, with eight of 11 product sections increasing". After struggling through the middle part of previous year, exports had seen a revival in recent months due to a run-up in oil prices and stronger demand for non-energy exports.
Doomsday cult leader, followers executed for 1995 sarin attack in Tokyo subway
His hanging Friday was the first execution of any of the 13 cult members on death row for the attack and other crimes. He was among 13 people placed on death row in connection with the series of crimes perpetrated by the doomsday cult.
Anthony Bourdain worth only $1.2M at time of death, will reveals
Bourdain, 61, had been working on the new episode of his show with CNN, " Parts Unknown ". Last week, celebrity foodies toasted Bourdain on what would have been his 62nd birthday.
Local jobless rate rises in June
Canada runs a current account deficit so its economy could be hurt if the flow of trade or capital slows. Canada's Big Five banks have unanimously called for a hike on July 11 in recent reports, and the C.D.
"Turning to exports, delayed deliveries of engines and other auto parts from the USA suppliers created bottlenecks at Canadian assembly lines and hampered worldwide shipments in the motor vehicles/parts category". A number of Canadian refineries were temporarily shut down in May. Shipments of motor vehicles and parts dropped 3.6 percent in the month.
While stalled NAFTA talks are a complication, the low US dollar means many Canadian exports remain competitive in the USA, he said.
Imports from the United States rose one percent in May, totaling Can$32.6 billion, but exports to the USA edged down by 0.2 percent to Can$35.9 billion.