Canada’s merchandise trade surplus came in smaller-than-expected in August as both exports and imports fell, in another sign of weakness for the nation’s economy.
The surplus fell to $1.52 billion, from a downwardly revised $2.37 billion in July, Statistics Canada reported Wednesday from Ottawa. It was the smallest monthly trade surplus this year. Economists were anticipating exports to exceed imports by $3.5 billion in August.
The trade numbers add to a recent string of data -- including a stalled labor market -- that suggest the nation’s economy will struggle to grow by much in the second half of this year, amid slowing global growth and rising interest rates. The drop in exports extended beyond energy, however, with seven of 11 subsectors posting declines. Excluding energy products, total exports were down 1.7 per cent. In volume terms, exports fell 1.3 per cent.
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