Canada's trade deficit with other countries was smaller in August, according to figures released Wednesday morning by Statistics Canada.
The agency reported that Canada's exports increased 0.6% to $43.4 billion in August. Exports volumes rose 0.4% and prices edged up 0.2%.
The nation's number-crunchers also mentioned that imports were largely unchanged at $45.3 billion in August, as a 0.8% increase in volumes was offset by a 0.7% decrease in prices.
As a result, Canada's merchandise trade deficit with the world narrowed from $2.2 billion in July to $1.9 billion in August.
StatsCan goes on to say that exports to countries other than the United States rose 7.7% to $11.0 billion in August, the largest monthly increase since May 2014. Exports to the United Kingdom contributed the most to the gain, rising $370 million on higher exports of unwrought gold.
Higher imports from the United Kingdom and the Netherlands were partially offset by lower imports from Mexico and India. As a result, Canada's trade deficit with countries other than the United States narrowed from $5.2 billion in July to $4.4 billion in August.
As for the U.S., the agency reports that exports stateside decreased 1.6% to $32.4 billion in August, while imports edged down 0.1% to $29.9 billion.
Thus, Canada's trade surplus with the United States narrowed from $3.0 billion in July to $2.5 billion in August.
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