Canada’s trade surplus shrank to $136 million in June

Statistics Canada says the country’s trade surplus narrowed in June to $136 million, as both exports and imports dropped largely due to trade decreases in crude oil, aircraft and other transportation equipment and parts.

The federal agency says exports fell 5.1% to $50.3 billion, offsetting a strong gain in May amid a 3.6% drop in export prices.

Exports of crude oil dropped 8.6%, the first monthly decrease this year, as crude oil export prices fell 13.5% even as volumes rose 5.6%.

Aircraft exports, meanwhile, were down 40.8%, mainly on lower shipments of commercial aircraft to the United States.

Imports were down 4.3% to $50.2 billion, the lowest level since November 2018.

Analysts had expected a trade deficit of $300 million, according to financial services firm Refinitiv.

June’s surplus narrowed from a stronger $556 million in May.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.