RE:RE:Canada posted a large trade deficit for May Wow. A small fraction of a percentage drop, and the trade deficit blows wide open.
Just imagine in a green transtioned Canada, what the deficit would be without oil and gas exports.
Just what will we replace these billiions of dollars of exports with instead? Hopes and prayers?
They have loaded our leaky boat to the max with heavy debt, and we are heading out to open sea as Trudope is busy with his sledgehammer scuttling the bilge pumps because they are too noisy and offend some folks.
'Iceberg dead ahead...!'
meritmat wrote:
Torontojay wrote: 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%).
I'm guessing the lower oil shipments are due to turnaround season in the oil sands