Canada’s trade deficit widened far more than expected in June as a drop in shipments of metal and energy products pulled exports back from the previous month’s record high, data from Statistics Canada showed on Friday.
Canada’s trade gap with the world was $3.60 billion, exceeding economists’ forecasts of a $1.35 billion deficit. The national statistics agency revised May figures to show a wider shortfall of $1.36 billion than the initially reported gap of $1.09 billion.
“The trade report was pretty bad, but the one-time factors impacting both exports and imports make it tough to get a clear picture,” wrote BMO Capital Markets Macro Strategist Benjamin Reitzes in a note to clients. Click here to read more.