Statistics Canada reported Friday that Canada’s merchandise trade deficit with the world totalled $2.8 billion in May, widening from a $1.9 billion deficit in April.
“Imports rose 1.7 per cent in May to $51.1 billion, with eight of 11 product sections increasing. Imports of aircraft and other transportation equipment as well as energy products contributed the most to the increase in May. Year over year, total imports were up 3.5 per cent,” said the federal agency.
“Imports of aircraft and other transportation equipment and parts rose 17.7 per cent to $2.4 billion in May, the fifth consecutive monthly increase for this product section. Aircraft drove the advance, more than tripling to $937 million on the import of several airliners from the United States. The value of aircraft imports from January to May was a record high for this period.”
StatsCan said imports of refined petroleum energy products, up 13.9 per cent to $1.6 billion, also contributed to the overall increase in May, mainly due to higher imports of motor gasoline.
“A number of Canadian refineries were temporarily shut down in May, resulting in higher imports to meet domestic demand for refined petroleum products. For the refined petroleum energy products group, volumes rose 14.7 per cent while prices fell 0.8 per cent.”
The federal agency said total exports edged down 0.1 per cent to $48.3 billion in May, mainly due to lower exports of motor vehicles and parts as well as metal ores and non-metallic minerals.
“Imports from countries other than the United States rose 2.9 per cent in May to $18.5 billion,” the agency said. “Higher imports from China (aircraft and other communications equipment), Belgium (pharmaceutical and medicinal products) and Germany were offset by lower imports from Mexico, among others.”
StatsCan also said exports to countries other than the U.S. rose slightly, by 0.2 per cent, to $12.5 billion.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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