Exports of metal and non-metallic mineral products were down 5.8 percent to $4.6 billion. Outside of petroleum, the dollar value of imports has risen 1.9 per cent from a year earlier, despite the cheaper prices.
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According to some announcement by Statistics Canada actually Tuesday, exports minified by 0.the top 6 % in May to actually usd42 b, while you are imports edged way up 0.2 or more % to really usd45.a minimum of three zillion.
Thanks to the interacting effects of lower global energy prices, a sluggish world economy, and America’s energy production revolution, for the first five months of the year, the US oil trade deficit of $38.44 billion was only 43 percent as big as 2014’s comparable figure. January-May American manufactures exports have sunk by 4.25 percent, while imports have increased by 2.51 percent.
Especially troubling – USA goods exports to Korea are down 12.51 percent since then on a monthly basis.
The report said the trade deficit widened to USD41.9 billion in May from a revised USD40.7 billion in April.
The volume of exports plunged 2.5 per cent in May while import volumes rose 0.3 per cent, Statistics Canada said.
“All told, the weakness in volumes on the export front will have markets anxious about May GDP, although we still expect better news from other categories like retailing”, CIBC chief economist Avery Shenfeld said.
The dollar has strengthened against many other currencies over the past year. Imports of ships, locomotives, railway rolling stock, and rapid transit equipment fell $181 million to reach $119 million in May, following a $184 million increase in April. Imports edged up 0.2%.
Imports rose in May because we brought in more consumer goods, precious metals, and basic and industrial chemical, plastic and rubber products.
Canada has posted trade deficits every month this year, and the cumulative 2015 total of $13.6-billion is a record, exceeding the next highest, in 2009, of $2.95-billion. This trend extends to the top four markets for U.S.-manufactured goods: Canada (down from $127.07 billion year-to-date to $119.01 billion), Mexico (down from $98.30 billion to $96.83 billion), China (down from $49.20 billion to $46.22 billion) and Japan (down from $27.57 billion to $26.90 billion).
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Federal Reserve officials are eyeing the global economy closely as they consider raising the central bank’s benchmark interest rate from near zero, where it has sat since December 2008.
