Canada’s export rally ground to a halt in August with a 0.2% drop being the first since last September. Imports continued to grow, with the result that the trade deficit was 30% higher than economists’ expectations. The trade surplus vs. the U.S. narrowed to C$2.3 billion ($1.8 billion) from C$2.8 billion a year earlier. While that won’t change the tone of NAFTA talks itself – the government recognizes the deficit per se is not a useful measure – the reasons for the drop in exports may. Exports of auto-parts fell 11%, potentially making the government more resistant to U.S. demand for ch...
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