Our trade deficit jumped in August, much higher than economists expected.
Figures released Tuesday morning by Statistics Canada show the country's trade deficit with the world increased to $2.5 billion in August.
The increase came as exports fell 3.6% in August, while imports edged up 0.2% Economists had expected a deficit of $1.2 billion for the month, according to Thomson Reuters.
A large part of the widening of the gap was due to energy exports that continued to weaken. Exports of energy products fell by 14.7%, Scotiabank said after the numbers came out. But the bank noted that much of that was because of lower prices — not less energy products going out. In volume terms, energy exports actually increased by 2%, month over month, the bank noted.
Statistics Canada also updated its reading for July to show a deficit of $817 million compared with its initial reading of a deficit of $593 million.
In August, exports to the United States fell 3% to $33.7 billion while imports from the U.S. slipped 0.8% to $30.8 billion.
Exports to countries other than the United States fell 5.5% to $10.2 billion, while imports from countries other than the U.S. increased 2.2% to $15.6 billion.
