Latest Canadian trade balance data - 2 August 2019
- Prior +$0.76 bn; revised to +$0.56 bn
- Exports -5.1% m/m
- Imports -4.3% m/m
- Export volumes -1.5%, imports volume -3.6%
Slight delay in the release by the source. Despite the slump in both exports and imports for June, the quarterly change in export volumes is the fastest since Q2 2014 at +4.1% q/q.
That sounds good on paper and reflects that the Canadian economy is less impacted relative to what else is happening around the globe. Not a major surprise as the economy is heavily tied to that of the US, which is still outperforming.
