Canada Records $1.1 Billion Trade Deficit in August, Sixth Consecutive Shortfall

Decline in crude oil exports and rise in motor vehicle imports contribute to Canada's ongoing trade imbalance.

Statistics Canada reported a $1.1 billion merchandise trade deficit for August, marking the sixth consecutive monthly deficit.
Total exports fell by 1% due to lower crude oil prices and decreased pulp and paper exports, while imports rose by 0.3%.
Motor vehicles and parts were significant contributors to the rise in imports, coinciding with increased production in the U.S.
Canada's trade deficit with countries other than the U.S. decreased, while its trade surplus with the U.S. narrowed.
Concerns about an economic slowdown in Canada are growing, with potential implications for future interest rate cuts.