OTTAWA — Statistics Canada says the country posted a merchandise trade deficit of $3.4 billion in May, the largest deficit since October 2020.
The result compared with a revised surplus of $894 million in April.
Exports fell 3.8 per cent to $61.5 billion in May as exports of energy products fell 7.3 per cent, in large part due to lower prices.
Exports of farm, fishing and intermediate food products also dropped 13.4 per cent for the month.
Meanwhile, imports rose 3.0 per cent in May to $65 billion as imports of metal and non-metallic mineral products rose 12.3 per cent, helped higher by shipments of unwrought silver from the United Kingdom.
In volume terms, overall exports fell 2.5 per cent in May, while imports rose 3.5 per cent.
This report by The Canadian Press was first published July 6, 2023.
The Canadian Press
