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Higher exports cut Canada's trade deficit

Cargo containers are stacked up as three cranes used to load and unload them from cargo ships tower above at the Port of Vancouver in Vancouver, B.C., on Thursday October 16, 2008.


Canada's trade deficit was cut almost in half in July as merchandise exports rose 2.2 per cent and imports edged up 0.5.

Statistics Canada reports the trade deficit narrowed to $753-million in July from $1.4-billion in June.

Exports increased to $37.3-billion, as volumes rose in most sectors.

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Over all, volumes rose 4.1 per cent, while prices declined 1.9.

Machinery and equipment, automotive products, and industrial goods and materials were the main contributors to the gain in the value of exports.

Imports grew slightly to $38.0-billion as prices increased 0.9 per cent and volumes decreased 0.4.

Imports from Japan surpassed $800-million in July, a level similar to those observed prior to the earthquake and tsunami in March.

Imports from the United States rose 3.1 per cent to $23.6-billion in July. Exports were up 2.1 per cent to $27.0-billion. Canada's trade surplus with the United States went to $3.4-billion in July from $3.5-billion in June.

Imports from countries other than the United States fell 3.6 per cent to $14.4-billion. Exports to countries other than the United States increased 2.4 per cent to $10.3-billion. Consequently, Canada's trade deficit with countries other than the United States narrowed to $4.1-billion in July from $4.9-billion in June.

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