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Cargo containers are stacked up as three cranes used to load and unload them from cargo ships tower above at the Port of Vancouver in Vancouver, B.C., in this file photo. (DARRYL DYCK/THE CANADIAN PRESS)
Cargo containers are stacked up as three cranes used to load and unload them from cargo ships tower above at the Port of Vancouver in Vancouver, B.C., in this file photo. (DARRYL DYCK/THE CANADIAN PRESS)

Canada’s current account deficit narrows slightly Add to ...

Canada’s current account deficit in the second quarter narrowed slightly to C$11.87-billion on stronger investment income, Statistics Canada said on Thursday.

Market analysts had expected a shortfall of C$11.80-billion. Statscan revised the first-quarter deficit to C$12.03-billion from an initial C$12.39-billion.

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The deficit on cross-border investment income flows shrank to C$5.80-billion from C$6.27-billion in the first quarter, as profits of Canadian direct investors on their operations abroad grew by C$370-million.

The balance on international trade in goods posted a surplus of C$1.66-billion, down from C$1.78-billion in the first quarter. Exporters have for long struggled with weak markets and a strong Canadian dollar but are showing signs of recovery.

Total exports rose by 3.0 per cent to hit a record C$132.35-billion on higher shipments of motor vehicles and parts, grains and forestry products. Exports of energy products – which accounted for 25.4 per cent of all exports in the second quarter – fell by 3.5 per cent to C$33.64-billion.

Total imports rose by 3.2 per cent to C$130.72-billion on greater imports of motor vehicles and parts, consumer goods and chemical plastic and rubber products.

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