OTTAWA: Canada’s trade deficit more than doubled in June to Can$3.6 billion (US$2.84bn), largely because of a drop in oil exports, the government said on Friday.

The increase far exceeded the expectations of analysts, who had anticipated a deficit in the range of Can$900 million.

In May, the deficit stood at Can$1.4bn.

After three straight months of record highs, total exports fell 4.3 per cent to Can$46.5bn in June, “mainly due to lower exports of unwrought gold and energy products,” Statistics Canada said in a statement.

Prices fell 2.7pc, with widespread declines throughout the commodity sections.

Exports excluding energy products declined 3.4pc.

Imports also edged higher by 0.3pc to Can $50.1bn, led by an increase in gold bullion, the agency said.Exports to the United States, Canada’s largest trading partner, were down 4.5pc in June, mostly on lower exports of crude oil. Imports from the United States fell 0.7pc.

Published in Dawn, August 5th, 2017