Canadian trade balance data

  • Exports -1.3%
  • Imports -1.6%
  • Energy export volumes fell 2.3%
  • Non-energy exports fell 4.5%

The trade deficit is improved but you hate to see that come on imports falling faster than exports. You'd rather see growth in exports as the driver.

The fall in exports is particularly puzzling because it wasn't energy driving it. That's worrisome for manufacturing.