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Canada's Trade Deficit Widened in May

08 July 2018

Imports of aircraft and other transportation equipment as well as energy products contributed the most to the increase in May.

May imports were $258.4 billion, $1.1 billion more than April imports.

Analysts in a Reuters poll had predicted a shortfall of $2.05-billion. Economists surveyed by Bloomberg News had anticipated the trade deficit would widen to $2.2 billion, from $1.9 billion in April. Exports increased $84.5 billion or 8.8 percent.

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Amid trade tensions with the United States, a "disruption" in the supply of auto parts from the U.S. in May led to a 4.9 percent decline in exports of passenger cars and light trucks.

In an another report, the Bank of France revealed that the seasonally and working-day-adjusted current account deficit widened to Euro 2.9 billion in May from Euro 1.3 billion in the prior month.

"A number of Canadian refineries were temporarily shut down in May, resulting in higher imports to meet domestic demand for refined petroleum products".

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Exports slipped by 0.1 percent as shipments of motor vehicle and parts fell by 3.6 percent amid a disruption in the supply of auto parts from a plant in the United States.

"Imports from countries other than the United States rose 2.9 per cent in May to $18.5 billion", the agency said. Imports increased $102.4 billion or 8.6%.

Pushed by a 17.7 percent rise in orders of aircraft and other transportation equipment - the fifth consecutive monthly rise for that category - Canadian imports rose 1.7 percent to Can$51.1 billion in May, Statistics Canada said.

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