Canada’s Trade Deficit Narrows to Smallest Amount in Three Months
Canada’s trade deficit narrowed in July, shrinking from $4.9 billion to $987 million, marking the smallest deficit in three months, and a noticeable improvement from June.
Total merchandise imports in July fell by 5.4 percent, while exports increased by 0.7 percent. The West Coast port strike had a significant impact on trade, disrupting the flow of imports and exports, contributing to the decline in imports and potentially affecting export activity as well.
Farm, fishing, and intermediate food products saw exports of $4.622 billion in July, the largest monthly export figure in three months. Conversely, lower gold transfers caused unwrought gold, silver, and platinum group metals and their alloys to fall 60.5 percent.
Canada's trade balance plays a crucial role in determining the country's economic health. The ability to import and export goods and services affects the overall prosperity of the Canadian economy.
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