- Prior was +4.05 B (revised to +2.37 B)
Details:
- Exports 65.38 billion against 68.25 billion before
- Imports 63.86 billion against 64.20 billion before
- Exports -2.9%, imports -1.7%
- Exports fell in 7 of 11 product sections, led by -6.0% in energy
- Surplus with the United States +10.7 billion against +13.3 billion previously
It’s a disappointing report with a bad review too. It is also the second month of declining imports and exports, indicating an economic slowdown. Much of this decline was due to lower energy prices, but consumer goods also fell 3.7%.
Separately, Statistics Canada reported that building permits in Canada rose 11.9% in August, versus an expected 0.5% decline. This comes after a 7.3% drop in July.
The report notes that “a $480 million permit for a luxury skyscraper in Toronto along with several other permits for apartments resulted in the highest monthly value on record for [Ontario].”
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The Canadian dollar (CAD) is the official currency of Canada and, at the time of writing, is the fifth most widely held reserve currency in the world behind the US dollar, euro, Japanese yen and British pound. . The CAD is commonly referred to as the Loonie by forex analysts and traders. As of this writing, the CAD represents 2% of all global currency reserves. Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty and historical stability. Originally introduced in 1858, the CAD has since its inception maintained a close link to the US dollar. This is due to the high degree of trade between the two countries, with the United States receiving the vast majority of Canadian exports, and Canada in turn importing more than half of its goods from its southern neighbour. For brief periods, the CAD has been pegged to the US dollar throughout its history. Currently, the Bank of Canada (BoC) is responsible for intervening to maintain the value of the currency. The value of the CAD is highly correlated to the strength of global commodity prices such as oil. As a producer and exporter of oil and other commodities, Canada benefits from rising crude oil prices. When commodity prices rise, Canada’s terms of trade also generally improve, and vice versa. Additionally, a number of domestic factors can also influence the CAD. This includes interest rates set by the Bank of Canada, national inflation rates, trade surpluses, foreign investment and direct payments.
The Canadian dollar (CAD) is the official currency of Canada and, at the time of writing, is the fifth most widely held reserve currency in the world behind the US dollar, euro, Japanese yen and British pound. . The CAD is commonly referred to as the Loonie by forex analysts and traders. As of this writing, the CAD represents 2% of all global currency reserves. Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty and historical stability. Originally introduced in 1858, the CAD has since its inception maintained a close link to the US dollar. This is due to the high degree of trade between the two countries, with the United States receiving the vast majority of Canadian exports, and Canada in turn importing more than half of its goods from its southern neighbour. For brief periods, the CAD has been pegged to the US dollar throughout its history. Currently, the Bank of Canada (BoC) is responsible for intervening to maintain the value of the currency. The value of the CAD is highly correlated to the strength of global commodity prices such as oil. As a producer and exporter of oil and other commodities, Canada benefits from rising crude oil prices. When commodity prices rise, Canada’s terms of trade also generally improve, and vice versa. Additionally, a number of domestic factors can also influence the CAD. This includes interest rates set by the Bank of Canada, national inflation rates, trade surpluses, foreign investment and direct payments.
Read this term is unchanged after the data.
