Patriotz pointed out this article at the CBC: Canadas trade deficit has grown to the largest level ever, and this at a time when oil and commodity prices are high.
The gap between what Canada sells to the world and what it buys from other countries expanded to the largest point on record in July, as its trade deficit expanded to an all-time high of $2.3 billion.
Exports fell 3.4 per cent during the month, Statistics Canada reported Tuesday. That was more than the corresponding decline in imports, which were down 2.2 per cent.
Exports of energy products fell 8.5 per cent to $8.2 billion for the month, the data agency reported, while exports of automotive products dropped 5.3 per cent to $5.9 billion.
“This is about as bad as it gets for Canadian exporters, at least so far,” Scotiabank economist Derek Holt said in a note following the release of the data. “[And] the details are worse.”
Read the full article here.