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Bloomberg
Canada’s merchandise trade deficit exceeded $2.5 billion for a second month in July as exports slumped.
The shortfall of C$3.04 billion followed a revised C$3.76 billion reading for June, Statistics Canada reported on Wednesday from Ottawa. Economists predicted a C$3.3 billion deficit according to the median in a Bloomberg survey.
Exports fell by 4.9 percent in July, and are down almost 10 percent over two months, adding to concerns Canada’s recovery may be more fragile than it appears. Imports, meanwhile, declined by 6 percent.
Statistics Canada attributed the declines to price swings as the country’s currency surged against the US dollar.