Trade deficit narrowed in May as exports rose and imports fell again

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Canada's trade deficit shrank in May as auto industry exports picked up after disastrous performance in April, but exports were still down sharply compared with a year ago.

Thursday the merchandise deficit contracted to $677 million in May compared with a deficit of $4.3 billion in April when exports and imports both plunged due to the COVID-19 pandemic.

"Despite the narrowing of the merchandise trade deficit, trade flows remain at around two-thirds of pre-COVID levels, leaving plenty of wood to chop in the recovery," Reitzes wrote in note. Meanwhile, imports fell 3.9 per cent in May to $35.3 billion and were down by nearly a third compared with year ago.

 

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Why am I buying garlic from China at Urban Fare? Do we not have local producers, anywhere in Canada that can grow this? We are not racist for buying Canadian.

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