Latest news with #Statscan
Globe and Mail
6 days ago
- Business
- Globe and Mail
Canada's trade deficit widened to $5.9-billion in June, second highest on record
Canada's merchandise trade deficit widened in June to $5.9-billion as imports grew faster than exports due to a one-time high-value oil equipment import, data showed on Tuesday. The deficit observed in June is the second highest on record after the deficit dipped to its largest in history in April to $7.6-billion. Analysts polled by Reuters had predicted the trade deficit to widen to $6.3-billion in June from a downwardly revised $5.5-billion in May. Total imports were up 1.4 per cent in June to $67.6-billion from a drop of 1.6 per cent in the prior month, Statistics Canada said, adding that excluding the one-time product import which was from the U.S. for an offshore oil project, total imports were down 1.9 per cent in June. LeBlanc says Trump, Carney to speak in coming days following tariff announcement Opinion: Why the damage to Canada from Trump's tariffs has been small (so far) Canada's total exports grew 0.9 per cent in June to $61.74-billion following an increase of 2 per cent in May, its second consecutive increase, Statscan said, led primarily by an increase in value of crude oil exports which saw an increase in prices in June due to tensions in the Middle East. In volume terms, however, exports were down 0.4 per cent in June. U.S. President Donald Trump cranked up the tariffs on Canada to 35 per cent from this month from 25 per cent on goods which were non-compliant with a free trade deal. Canada is also struggling with a slew of sectoral tariffs on steel, aluminum and automobiles. This has chewed into its massive trade balance with the U.S. as exporters drove away from what the world's biggest market in Canada's backyard to other regions from Europe and Middle East to as far as the Indo-Pacific. Trade Minister Maninder Sidhu eyes new markets outside U.S., looks at Southeast Asia and beyond Exports to the U.S. in June, however, increased by 3.1 per cent in June, due to crude oil shipments. But on a year-over-year basis, exports to the U.S. were still 12.5 per cent lower when compared with the same period a year ago. After reaching a record high in May, exports to countries other than the United States were down 4.1 per cent in June, representing the first decline since February, Statscan said. The increase in total imports in June was mainly led by a 2.6 per cent increase in imports from the U.S. due to the import of a module for an offshore oil project, the statistics agency said. This was the first increase in imports after three consecutive monthly decreases, data showed. The Canadian dollar slightly weakened further after the data and was trading down 0.2 per cent to 1.3804 against the U.S. dollar, or 72.44 U.S. cents. Yields on the two-year government bonds were up 0.6 basis points to 2.703 per cent.
Yahoo
15-07-2025
- Business
- Yahoo
Canada's annual inflation rate in June slightly up to 1.9%
By Promit Mukherjee OTTAWA (Reuters) -Canada's annual inflation rate rose to 1.9% in June, meeting analysts' expectations, as increases in the price of automobiles and clothing and footwear pushed the index higher, data showed on Tuesday. The consumer price index was at 1.7% in the prior month. Statistics Canada said on a monthly basis the CPI increased 0.1%, matching analysts' forecasts. It is for the third month in a row that the CPI has been under 2%, or the mid-point of Bank of Canada's inflation target range. This is the last major economic indicator to be released before the Bank of Canada's rates decision later this month. The slight rise in prices across many segments, along with a strong jobs number last week, is likely to take away any incentive to cut interest rates, economists had earlier predicted. Money markets were betting the odds for a rate cut at just over 15% after the data was released. The central bank will announce its monetary policy decision on July 30. The Canadian dollar was trading stronger by 0.19% to 1.3677 against the U.S. dollar, or 73.12 U.S. cents. Yields on the government's two-year bonds were down 0.6 basis points to 2.761%. The rise in prices in June was primarily led by a 2.7% jump in durable goods such as automobiles and furniture, following a 2% rise in May on a year-on-year basis, Statscan said. Passenger vehicle prices rose 4.1% on an annual basis in June following a 3.2% increase in May, the agency added. Inflation was further boosted by a rise in price of clothing and footwear which accelerated 2% annually in June after a modest 0.5% rise in May. "Uncertainty surrounding international trade put upward pressure on prices for clothing and footwear in June, as the industry faced higher costs in the wake of tariffs," Statistics Canada said. However, the inflation still managed to clock a rate of rise below 2% helped by the scrapping of the consumer carbon levy on gasoline in April. Gasoline prices are expected to be depressed for the next ten months due to the base-year effect. On a year-over-year basis gasoline prices fell by 13.4% in June from 15.5% in May. Economists and the central bank have focused on the core measures of inflation, which excludes the impact of tax measures, to gauge price trends. One of the core measures of inflation the CPI-median, or the centermost component of the CPI basket when arranged in an order of increasing prices, edged up to 3.1% in June, from 3% in the prior month. The other core measure CPI-trim, which excludes the most extreme price changes, was unchanged in June at 3% from May, Statscan said. Shelter prices, which accounts for up to 30% of the CPI basket weight and comprises mortgage and rent, rose by 2.9%, its first drop below 3% in more than four years. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
03-07-2025
- Business
- Business Recorder
Canada's trade deficit in May narrows, exports to US drop
OTTAWA: Canada's trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at C$5.9 billion ($4.34 billion), down from a downwardly revised C$7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, Statscan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020. Exports to the U.S., the destination for three quarters of Canada's outbound shipments, fell for the fourth month in a row with May registering a drop of 0.9%. In volume terms total exports were up 0.7% in May. Canada rescinds digital services tax in bid to advance trade talks with US President Donald Trump has imposed 25% tariffs on imports of Canada-made automobiles and 50% tariffs on imports of steel and aluminum from the north of the border. Canada has also imposedretaliatory tariffs on U.S. This trade skirmish between the two countries whose bilateral trade surpassed a trillion Canadian dollars last year has depleted Canada's exports and has hit the job market. Canada's Prime Minister Mark Carney and Trump have agreed to reach some form of a trade deal by July 21. Canada's total exports for May were at C$60.81 billion, up from C$60.12 billion in April, led by exports of metallic and non-metallic mineral products, Statscan said. This category increased by 15.1% and was driven by mainly exports of unwrought gold which posted an increase of 30.1% to reach a record $5.9 billion. 'Most of the rise was attributable to higher physical shipments of gold to the United Kingdom,' the statistics agency said. Excluding metal and non-metallic mineral products, total exports were down 1.2%, it added. As trade with the U.S. has dropped, Canadian companies have been scouting for opportunities to increase trade with rest of the world. Exports to countries other than the United States rose 5.7% in May to reach a record high, Statscan said, but it was not enough to mitigate the impact of loss of exports to the U.S., as well as China due to a drop in canola and crude oil shipments. Total imports dropped by 1.6% to C$66.66 billion, with imports from the U.S. falling by 1.2% in May. The Canadian dollar slightly weakened after the trade data and was trading down 0.23% to 1.3615 to the U.S. dollar. Yields on the two-year government bonds were up 3.7 basis points to 2.706%.
Yahoo
03-07-2025
- Business
- Yahoo
Canada's trade deficit in May narrows, exports to US drop
By Promit Mukherjee OTTAWA (Reuters) -Canada's trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at C$5.9 billion ($4.34 billion), down from a downwardly revised C$7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, Statscan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020. Exports to the U.S., the destination for three quarters of Canada's outbound shipments, fell for the fourth month in a row with May registering a drop of 0.9%. In volume terms total exports were up 0.7% in May. President Donald Trump has imposed 25% tariffs on imports of Canada-made automobiles and 50% tariffs on imports of steel and aluminum from the north of the border. Canada has also imposed retaliatory tariffs on U.S. This trade skirmish between the two countries whose bilateral trade surpassed a trillion Canadian dollars last year has depleted Canada's exports and has hit the job market. Canada's Prime Minister Mark Carney and Trump have agreed to reach some form of a trade deal by July 21. Canada's total exports for May were at C$60.81 billion, up from C$60.12 billion in April, led by exports of metallic and non-metallic mineral products, Statscan said. This category increased by 15.1% and was driven by mainly exports of unwrought gold which posted an increase of 30.1% to reach a record $5.9 billion. "Most of the rise was attributable to higher physical shipments of gold to the United Kingdom," the statistics agency said. Excluding metal and non-metallic mineral products, total exports were down 1.2%, it added. As trade with the U.S. has dropped, Canadian companies have been scouting for opportunities to increase trade with rest of the world. Exports to countries other than the United States rose 5.7% in May to reach a record high, Statscan said, but it was not enough to mitigate the impact of loss of exports to the U.S., as well as China due to a drop in canola and crude oil shipments. Total imports dropped by 1.6% to C$66.66 billion, with imports from the U.S. falling by 1.2% in May. The Canadian dollar slightly weakened after the trade data and was trading down 0.23% to 1.3615 to the U.S. dollar. Yields on the two-year government bonds were up 3.7 basis points to 2.706%. ($1 = 1.3592 Canadian dollars) Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
03-07-2025
- Business
- Yahoo
Canada's trade deficit in May narrows, exports to the U.S. drops to lowest level
OTTAWA (Reuters) -Canada's trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at C$5.9 billion ($4.34 billion), down from a downwardly revised C$7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, Statscan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020. Exports to the U.S., the destination for three quarters of Canada's outbound shipments, fell for the fourth month in a row with May registering a drop of 0.9%. In volume terms total exports were up 0.7% in May. President Donald Trump has imposed 25% tariffs on imports of Canada-made automobiles and 50% tariffs on imports of steel and aluminum from the north of the border. Canada has also imposed retaliatory tariffs on U.S. This trade skirmish between the two countries whose bilateral trade surpassed a trillion Canadian dollars last year has depleted Canada's exports and has hit the job market. Canada's Prime Minister Mark Carney and Trump have agreed to reach some form of a trade deal by July 21. Canada's total exports for May were at C$60.81 billion, up from C$60.12 billion in April, led by exports of metallic and non-metallic mineral products, Statscan said. This category increased by 15.1% and was driven by mainly exports of unwrought gold which posted an increase of 30.1% to reach a record $5.9 billion. "Most of the rise was attributable to higher physical shipments of gold to the United Kingdom," the statistics agency said. Excluding metal and non-metallic mineral products, total exports were down 1.2%, it added. As trade with the U.S. has dropped, Canadian companies have been scouting for opportunities to increase trade with rest of the world. Exports to countries other than the United States rose 5.7% in May to reach a record high, Statscan said, but it was not enough to mitigate the impact of loss of exports to the U.S., as well as China due to a drop in canola and crude oil shipments. Total imports dropped for by 1.6% to C$66.66 billion, with imports from U.S. falling by 1.2% in May. ($1 = 1.3592 Canadian dollars) Sign in to access your portfolio
