Canada’s current account deficit increased $ 3.3 billion in the second quarter

Canada’s current account deficit (on a seasonally adjusted basis) increased $ 3.3 billion in the second quarter to $ 19.9 billion, as the trade in goods deficit continued to widen.

In the financial account (unadjusted for seasonal variation), foreign investment in Canadian securities remained strong in the quarter and led the inflow of funds in the economy.

Overall, exports of goods decreased $6.6 billion to $123.6 billion in the second quarter. Exports of motor vehicles and parts were down $2.3 billion on lower prices and volumes. Exports of consumer goods declined $1.7 billion on lower volumes. In contrast, exports of energy products increased $0.7 billion, as higher prices for crude oil and crude bitumen more than offset the decline in volumes exported.

Total imports of goods decreased $1.8 billion to $134.8 billion. The largest reduction was in consumer goods, down $1.0 billion on lower prices. Industrial machinery, equipment and parts also contributed to the decline, down $0.9 billion as a result of lower prices and volumes. Moderating this decrease, energy products advanced $1.2 billion, mostly on higher prices. Aircraft and other transportation equipment and parts gained $0.8 billion, all on higher volumes – Statistics Canada.

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