- Prior was +0.64B (revised to -0.18B)
- Exports $65.66 billion vs $66.65 billion prior
- Imports $64.97 billion vs $66.01 billion prior
More details:
- Trade surplus with US widened to $11.3 billion from $9.0 billion in June
- Deficit with rest of world increased to $10.6 billion from $9.2 billion
- Motor vehicles and parts drove declines in both imports (-10.8%) and exports (-5.4%)
- Excluding autos, imports rose 0.5% and exports gained 0.3%
- Energy exports increased 1.2%, consumer goods exports up 3.1%
- In volume terms, imports fell 2.0%, exports down 1.5%
The revision to the prior reading here is a drag for Q2 GDP but the import/export volumes still look healthy. It's not trade that's the problem for the Canadian economy, though it could be if global growth turns lower.
