Rising imports push down Canada's trade surplus
Last Updated: Tuesday, September 11, 2007 | 11:08 AM ET
CBC News
A higher Canadian dollar helped push imports of goods to another record high in July, Statistics Canada said Tuesday.
Imports rose by 3.5 per cent to $35.7 billion, from a revised $34.5 billion in June, with gains in imports of automotive products leading the way.
Canadian companies exported $39.3 billion in July, an increase of 1.4 per cent increase from the revised $38.8 billion in June. Industrial goods and materials as well as automotive products were the main forces behind this increase.
Canada's trade surplus with the world narrowed to $3.7 billion for the month.
The Canadian dollar has risen about eight per cent against the US dollar since April, making imported goods cheaper. The volume of imports has also increased, Statistics Canada said.
Canada's trade surplus with the United States contracted to $6.5 billion on rising levels of imports, while Canada's trade deficit with countries other than the United States widened slightly to $2.8 billion.
"This report along with a pair of solid housing releases marks the clear divide in
Canada’s economy between robust domestic growth and a softening trade picture," said BMO Capital Markets economist Douglas Porter.
"With U.S. growth poised to moderate further (and that may be an understatement), exports are bound to face increasing downward pressure, especially with the Canadian dollar remaining strong. Meantime, domestic demand just keeps
right on rolling, for now, keeping imports on the boil," Porter said in a commentary.
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