Canada Q2 current account -$6.63 billion vs -$11.2 billion expected

  • Latest data released by Statistics Canada - 31 August 2023
CADCA
  • Prior -$6.17 billion; revised to -$3.17 billion

The current account deficit widened in Q2 but less than anticipated at least. Of note, the trade in goods balance moved into a deficit position for the first time in two years, mostly as a result of lower exports of energy products and farm, fishing, and food products. Meanwhile, the trade in services deficit was seen narrowing.

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