Canada's trade balance narrows

July 3, 2013 at 12:34 PM

OTTAWA, July 3 (UPI) -- Canada's merchandise trade balance deficit dropped in May, Statistics Canada reported Wednesday from Ottawa.

From April to May, merchandise imports dropped 3.2 percent, while exports fell 1.6 percent. The trade gap, subsequently, dropped, falling from $951 million to $303 million, the data agency said.

Imports fell to $39.6 billion after rising for four consecutive months. Leading the decline was a drop in energy products, as well as metal ores and non-metallic minerals.

Exports fell to $39.3 billion, pushed by a 1 percent price decline and a 0.7 percent decline in volume of exports.

Exports of metal and non-metal mineral products, as well as motor vehicles and automobile parts all declined.

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