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A lower number of auto exports caused Canadian trade numbers to drop in August, suggesting Canadian economic recovery may be losing steam sooner than economists had predicted.
Merchandise exports fell 1% in August, after jumping 42% between April and July, according to Statistics Canada, while imports decreased 1.2 %. That leaves total trade at about 94% of pre-pandemic levels, a decrease from July when it had rebounded to about 96%.
Lower imports of aircraft and other transportation equipment were the largest contributors to slumping August numbers.
The trade deficit narrowed slightly to $2.45 billion in August, from a revised $2.53 billion in July. Economists had forecast a deficit of $2.05 billion.
Strike action at the Port of Montreal was also cited by Statistic Canada as a potential reason for lowering trade numbers.
(Source: BNN Bloomberg)