Canada exports fall, reversing months of trade surplus FMTNews FMTBusiness
OTTAWA: Canada recorded its biggest trade deficit since October 2020 in May, government data showed Thursday, surprising analysts with a drop in exports of grains and energy products while imports trended up behind automobiles.
Exports fell by 3.8%, two-thirds of which was attributable to energy and farm and food products. Exports of agricultural and fishing products fell the most in May. The energy sector, one of the main drivers of the Canadian economy, saw its exports fall by 7.3% in May due to lower prices.Imports of unwrought gold, silver and platinum group metals and their alloys rose sharply, due to large shipments of silver from the UK.
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