Canada recorded a goods trade deficit for the third straight month in May, the longest streak in nearly a year.
The country’s trade deficit widened to C$1.9 billion ($1.4 billion) that month from C$1.3 billion in April, Statistics Canada reported Wednesday in Ottawa. Economists had expected imports to exceed exports by C$1.3 billion in May, according to a Bloomberg survey.
Total exports fell 2.6% that month to the lowest level since July 2023, while imports decreased 1.6%. In volume terms, exports were down 1.7% and imports dropped 1.3%.
Unwrought gold and lower exports of crude oil as well as propane led the decline in exports. For imports, unwrought gold, passenger cars and light trucks and lower shipments of crude oil drove the decrease.
Gold exports have been particularly volatile for the past four months, Statistics Canada said.
The decline in exports was especially broad-based, with 8 of 11 product groups seeing decreases.
Inflation in the Philippines halted four consecutive months of acceleration in June, further building the case for the central bank to start its pivot to monetary policy easing as early…
View ArticleIndia’s booming liquefied natural gas imports are likely to slow as cooler weather due to monsoon rains crimps electricity demand and increases in hydropower crowd out expensive gas-fired generators.
View ArticleOn July 1-2, 2024, the United States and the Philippines met under the U.S.- Philippines Trade and Investment Framework Agreement (TIFA).
View ArticleIndustry updates and weekly newsletter direct to your inbox!