Statistics Canada announced on Thursday that Canada’s merchandise trade deficit stood at CAD2.45 billion in July, widening from a revised CAD1.59-billion gap in June (originally a CAD3.19-billion gap).

Economists had expected a deficit of CAD2.50 billion.

According to the report, Canada’s exports surged 11.1 percent m-o-m to CAD45.43 billion in July, with motor vehicles and parts contributing the most to the overall increase (+37.0 percent m-o-m).

Meanwhile, imports jumped 12.7 percent m-o-m to CAD47.88 billion in July, also driven by higher imports of motor vehicles and parts (+50.3 percent m-o-m).