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Imports and Exports Hit Record Highs in Latest Sign of Strengthening Economy

Posted July 06, 2017

Under Economic Issues, International Trade Issues

(Craig Wong – Canadian Press)

Canada’s imports and exports both reached record highs in May, Statistics Canada said Thursday, the latest sign of strength in the economy ahead of expectations that the central bank may be days away from raising its interest rate target.

The trade deficit doubled to $1.1 billion in May from a $552-million deficit the month before, though that was fuelled by the import of five new airliners. Economists had expected a deficit for May of $530 million, according to Thomson Reuters.

“There is a lot of noise to filter through in today’s trade report but we think the message on exports is ultimately positive,” Royal Bank economist Josh Nye wrote in a report. Click here to read more.