Canada's merchandise trade deficit with the world narrowed from $2.7 billion in May to $626 million in June, the smallest deficit since January 2017. Total exports increased 4.1%, mainly on higher exports of energy products and aircraft. Total imports edged down 0.2%.
In real (or in volume) terms, exports rose 2.1% and imports were down 1.3%...
Offsetting movements within imports
Imports edged down 0.2% to $51.3 billion in June, despite increases in 7 of 11 product sections. Large decreases in imports of energy products and in aircraft and other transportation equipment and parts were largely offset by widespread increases. Year over year, total imports were up 4.2%.
Imports of energy products decreased 15.1% to $2.9 billion in June. Following four consecutive monthly increases, imports of refined petroleum energy products (-27.4%) drove the decline in June, mainly on lower volumes. A number of Canadian refineries that were temporarily shut down in April and May resumed production in June, reducing the demand for foreign motor gasoline and diesel fuel.
After posting a record high in May, imports of aircraft and other transportation equipment and parts decreased 17.1% to $2.0 billion, returning to April levels. This reflected lower imports of aircraft (-47.9%) in June, following a sharp increase in imports of airliners from the United States in May.
These declines were largely offset by increases in several other product sections, including metal ores and non-metallic minerals (+16.2%), consumer goods (+1.2%) and basic and industrial chemical, plastic and rubber products (+2.7%)...
This has been excerpted from a 3 August 2018 release by Statistics Canada.