Canada Cuts Trade Deficit

Canada reduced its trade deficit to $1.3 billion in August, a reduction of nearly 50 percent. The reduction was mostly due to a 3.1 percent increase in exports worth $34 billion.

Exports to the United States rose 2.7 per cent, led by higher exports of passenger autos, while imports fell by 3.3. Canada’s trade surplus with the United States increased to $2.9 billion in August from $1.5 billion in July — its first increase since December 2009.

Exports to countries other than the United States grew 4.2 per cent, while imports rose 4.5. Both gains were largely due to increases in trade with the European Union.

Source: Canadian Press

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