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Canadian trade deficit holds near record as exports slide after 2Q slip
CANADA's merchandise trade deficit of C$3.28 billion (US$2.52 billion) held near a record high in May, bucking forecasts the shortfall would narrow and adding to a run of weak second-quarter data.
This followed an April figure that was boosted to a record C$3.32 billion, said Statistics Canada. Economists expected the May deficit to come in at C$2.7 billion, based on the median of 15 forecasts in a Bloomberg survey.
Exports fell 0.7 per cent to C$41.1 billion and imports by 0.8 per cent to C$44.4 billion. Both declines were the third in four months.
"There is no mistake that the 2016 second-quarter performance is a vividly disappointing one," Jimmy Jean, a strategist in the fixed-income group at Desjardins Capital Markets in Montreal.
This followed an April figure that was boosted to a record C$3.32 billion, said Statistics Canada. Economists expected the May deficit to come in at C$2.7 billion, based on the median of 15 forecasts in a Bloomberg survey.
Exports fell 0.7 per cent to C$41.1 billion and imports by 0.8 per cent to C$44.4 billion. Both declines were the third in four months.
"There is no mistake that the 2016 second-quarter performance is a vividly disappointing one," Jimmy Jean, a strategist in the fixed-income group at Desjardins Capital Markets in Montreal.
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