Canada experienced a $1.1B trade deficit in August, marking the 6th consecutive monthly deficit due to falling crude oil prices.

Canada experienced a $1.1 billion trade deficit in August, surpassing analysts' expectations of $500 million. This marks the sixth consecutive monthly deficit, driven by a 1% drop in exports, primarily due to falling crude oil prices. Total imports rose by 0.3%. The revised deficit for July was $287 million. Concerns about an economic slowdown in Canada are mounting as the trade balance worsens. The overall trade deficit with the world was $2.4 billion for August.

October 08, 2024
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