September 4, 2013 8:36 am

Economic shift to exports? Not in July

Exports, which policymakers are pinning Canada's economic prospects to, edged down.

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OTTAWA – Statistics Canada says the country’s merchandise trade deficit with the world grew to $931 million in July from $460 million in June as imports grew 0.6 per cent while exported declined by the same percentage.

The agency says imports grew to $40.1 billion on higher volumes of metal ores and non-metallic minerals as well as basic and industrial chemical, plastic and rubber products, and metal and non-metallic mineral products.

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Exports declined to $39.2 billion with lower exports of aircraft, unwrought precious metals and precious metal alloys.

Imports from the United States rose 2.7 per cent to $26.3 billion, while exports rose 0.8 per cent to $29.4 billion, shrinking the trade surplus with that country to $3.2 billion from $3.6 billion in June.

Exports to other countries fell 4.5 per cent to $9.8 billion and imports decreased 3.1 per cent to $13.9 billion, leaving that trade deficit relatively unchanged at $4.1 billion.

Read more: As US recovery blossoms, Canada’s economic hopes pinned to exports 

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