Statistics Canada announced on Friday that Canada recorded a trade deficit of CAD1.39 billion in May, compared with a revised CAD0.46-billion surplus in March (originally a CAD0.59-billion surplus). 

Economists had forecast a surplus of CAD0.37 billion.

According to the report, Canada’s exports fell 1.6 percent m-o-m to CAD49.53 billion in May, as 8 of the 11 product sections posted declines, led by consumer goods (-8.8 percent m-o-m). Meanwhile, imports increased 2.1 percent m-o-m to CAD50.92 billion in May, with 7 of the 11 product sections recording gains, led by metal and non-metallic mineral products (+17.7 percent m-o-m).