Canada sees $3.4 billion trade deficit in May, largest since October 2020

Canada saw a trade deficit of $3.4 billion in May, the largest since October 2020, according to the country’s statistical body on Thursday.

The anticipated figure was a surplus of $1.1 billion, while the North American nation had a trade surplus of $894 million in April.

“Total exports fell 3.8% in May, with 7 of the 11 product sections posting decreases,” Statistics Canada said in a statement. “Exports of energy products and farm, fishing and intermediate food products were responsible for more than two-thirds of the retreat.”

“Exports of energy products fell 7.3% in May, in large part because of lower prices,” it added, noting that crude oil exports fell 8.3% and contributed most to the decline in exports of energy products in May.