Canada August trade balance +1.52B vs +3.45B expected

• Prior was +4.05B (revised to +2.37B)

Details:

• Exports 65.38B vs 68.25B prior
• Imports 63.86B vs 64.20B prior
• Exports -2.9%, imports -1.7%
• Exports fell in 7 of 11 product sections led by -6.0% in energy
• Surplus with the USA +10.7B vs +13.3B prior

This is a disappointing report with a poor revision as well. It's the second month of falling imports and exports as well, which points to an economic slowdown. A good chunk of this was lower energy prices but consumer goods were down 3.7% as well

Separately, Statistics Canada reported that Canadian building permits rose 11.9% in August compared to a 0.5% decline expected. That comes after a 7.3% fall in July.

The report notes that "A $480 million permit for a luxury skyscraper in Toronto along with several other permits for apartments resulted in the largest recorded monthly value for [Ontario]."

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