Statistics Canada says merchandise trade surplus falls to $4.1B in July

OTTAWA – Statistics Canada says the country’s merchandise trade surplus fell to $4.1 billion in July as lower prices weighed on the total value of exports for the month.

The reading compared with a revised merchandise trade surplus of $4.9 billion in June.

Statistics Canada says exports in July fell 2.8 per cent to $68.3 billion, the first monthly decrease in exports for 2022. In volume terms, however, exports were up 1.7 per cent for the month.

Meanwhile, imports fell 1.8 per cent to $64.2 billion as imports of consumer goods fell 4.2 per cent. Total imports in volume terms fell 1.4 per cent.

In a separate report, Statistics Canada says the country’s international trade in services deficit was $1.8 billion in July compared with $1.2 billion in June.

Combined, Canada’s trade surplus for goods and services was $2.3 billion in July compared with $3.7 billion in June.

This report by The Canadian Press was first published Sept. 7, 2022.