Canada's trade deficit narrowed in July from the previous month, as exports declined steeply for a second straight month and imports fell by the most in over eight years.
Canada's merchandise trade deficit in July came in at a seasonally adjusted 3.04 billion Canadian dollars ($2.46 billion), Statistics Canada said Wednesday, compared with a revised C$3.76 billion shortfall in the previous month.
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Markets were anticipating a C$3.35 billion trade shortfall in July, according to economists at Royal Bank of Canada.
Canada's monthly trade data covers the export and import of goods and doesn't include services.
In July, exports declined 4.9% to C$44.14 billion, compared with the previous month's 5% drop. On a one-year basis, exports rose 2.2%.
Imports declined 6% to C$47.18 billion, or the biggest monthly decline in imports since January 2009, when imports dropped 8.9%.
In volume, or price-adjusted terms, exports in July were down 1.1%, while imports declined 2.3%.
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(END) Dow Jones Newswires
September 06, 2017 09:24 ET (13:24 GMT)