Canada May trade balance data

  • Prior was +0.59B (revised to +0.46B)
  • Exports -1.6%
  • Imports +2.1%
  • Imports from countries other than US hit a record $7.5B, up 5.3% m/m with Japan, Italy, Mexico and China rising.

Metals and non-metallic mineral imports rose 17.7% led by precious metals, along with copper imports from Chile were drivers, along with non-ferrous metal alloys and semi-finished steel products.

Good trade has come back from the pandemic but this chart of the services trade underscores the huge hole.

Canada May trade balance