Business

Canada's trade deficit narrowed to $2.4B in August as exports and imports both fell

Statistics Canada says the country's merchandise trade deficit narrowed to $2.4 billion in August as both exports and imports fell.

Imports fell by more than exports did, narrowing gap from $2.5B in previous month

Canada imported less goods and services in August, but also exported less, too. (Ben Nelms/Bloomberg)

Statistics Canada says the country's merchandise trade deficit narrowed to $2.4 billion in August as both exports and imports fell.

The agency says the result compared with a deficit of $2.5 billion in July.

Economists on average had expected a deficit of $2 billion for August, according to financial data firm Refinitiv.

Both exports and imports edged lower in August after seeing double-digit percentage gains in June and July.

Total imports fell 1.2 per cent in August to $47.4 billion due in large part to lower imports of aircraft and other transportation equipment and parts.

Total exports fell 1.0 per cent to $44.9 billion as exports of motor vehicles and parts fell 6.8 per cent.

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