Canada Exports Stumble

Canada has posted trade deficits every month this year, and the cumulative 2015 total deficit of $13.6 billion is a record, reported the Toronto Star.

Data from Statistics Canada revealed that exports in May were down by six-tenths of a percent over April and 6.7% from the same time last year. Energy exports rose slightly in May although remain significantly down (33.8%) compared to the same time last year.

The Star reported that notable declines were in metal ore and non-metallic minerals, which fell by 9.2%, and in industrial machinery, equipment, and parts, which fell by 3.5%.

The Bank of Canada dropped its key interest rate on July 15 to a record low, confirming that the Canadian economy is shrinking. The Guardian reported that the Canadian dollar has fallen to its lowest point since 2009—$0.77 to the U.S. dollar.

Stephen Poloz, Bank of Canada Governor, told The Guardian that “global developments have been quite disappointing,” and “Canada’s economy is undergoing a signficant and complex adjustment.” S