Canada posted a large trade deficit for May Canada posted a trade deficit of CAD 3.44 billion in May of 2023, shifting from a downwardly revised surplus of CAD 0.89 billion in the prior month and against market forecasts of a CAD 1.15 billion surplus. This was the largest deficit since October 2020, as exports slumped by 3.8% over a month to a near 1-1/2-year low of CAD 61.5 billion, mainly due to lower shipments of energy products (-7.3%), notably crude oil (-8.3%) and coal (-14.5%) in large part because of lower prices. Exports also fell sharply for farm, fishing and intermediate food products (-13.4%), especially for wheat and canola. Conversely, imports rose 3% to a four-month high of CAD 65 billion, boosted by acquisitions of metal and non-metallic mineral products (+12.3%), largely unwrought gold, silver, and platinum group metals and their alloys (+42.8%). Purchases also increased solidly for motor vehicles and parts (+4.5%), namely engines and parts (+6.9%) and passenger cars and light trucks (+4.6%).