Australia's Trade Surplus Falls In July

Australia's Trade Surplus Falls In July

As a result, Canada's merchandise trade surplus with the United States widened to $5.3 billion in July, from $4.1 billion in June.

Canada's surplus with the United States was offset by a $5.5 billion trade deficit with other countries, up from $4.8 billion in June.

Exports rose 0.8 percent, led by energy products as crude oil exports climbed for the fifth straight month.

The trade deficit narrowed to C$114 million ($87 million) from C$743 million in June. Canadian shipments of steel climbed 16 per cent in July after a 36 per cent drop in June, while a 2 per cent fall in aluminum still left those exports 8.1 per cent higher than they were a year prior.

At the same time, higher fuels costs nudged up imports by 1 per cent to $34.6 billion.

Royce Mendes, an economist with CIBC Economics, said a surprise reduction in the trade deficit actually masked what were not so great details in the report.

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The figures released Wednesday in Ottawa are likely to play into the resumption of bilateral talks in Washington over the North American Free Trade Agreement.

Exports of steel products to the USA that were subject to a 25% tariff rose 16.4% in July on a customs seasonally adjusted basis, following a 36.3% decline in June.

Imports of steel goods subject to a 25 percent tariff dropped 39.6 percent to C$368.6 million between June and July, after rising 32.7 percent in June.

"New retaliatory Canadian import tariffs starting in July also seem to have had a significant impact on trade in targeted products".

Canada dominates the global maple syrup trade, but in recent years, with many Canadian producers bound by a quota system and demand growing, imports from ME have increased.

Canadian imports of US steel and aluminum products decreased, the agency reported.

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