Canadian international trade drops in August-Xinhua

Canadian international trade drops in August

Source: Xinhua| 2022-10-06 10:50:30|Editor:

OTTAWA, Oct. 5 (Xinhua) -- Canada's merchandise exports fell 2.9 percent and imports fell 1.7 percent in August compared to July, the national statistical agency said on Wednesday.

In August, total exports fell to 65.4 billion Canadian dollars (52.3 billion US dollars), while export prices were down for a third consecutive month.

Crude oil exports fell the most in August, owing mainly to lower prices, and the price drop coincided with increased global production and concerns about the future economic outlook. Exports of refined petroleum products, coal and natural gas also contributed to the decline.

According to the agency, after rising 10.2 percent in July, exports of farm, fishing and intermediate food products decreased 7.1 percent in August.

Following last year's poor harvest, wheat production in Canada is expected to rise significantly in the new crop year, which began in August. On the other hand, wheat inventories were at a historical low at the end of July, limiting the amount of wheat that could be exported in August, according to the agency, adding the same is true for canola.

Meanwhile, total imports fell to 63.9 billion Canadian dollars in August, the second consecutive monthly drop. As a result, the agency said that Canada's merchandise trade surplus with the rest of the world shrank to 1.5 billion Canadian dollars in August.