The dollar values of both imports and exports of merchandise fell in May, according to Statistics Canada data released this morning.
Imports dropped 3.2% to $39.6 billion after four months of consecutive increases. The dip was due in large part to a decrease in imports of energy products, metal ores and non-metallic minerals.
Exports declined by 1.6% to $39.3 billion, led by a drop in decreased metal and non-metalic mineral products exports.
Imports from the U.S. fell to $25.7 billion, a decrease of 2.0% compared with April. This is the first decline in U.S. imports in five months. The drop can be attributed to decreased imports of precious metals ores and concentrates, precious metal bullion and passenger cars.
Exports to the United States fell 1.6% to $29.2 billion.
Overall, Canada’s world trade deficit decreased from $951 million in April to $303 million in May.
