Canadian world trade deficit shrinks

Canada's international trade deficit decreased by nearly half in August based on a 3.1 percent decline in imports, Statistics Canada reported Thursday. The world trade deficit fell from $2.5 billion in July to $1.3 billion in August as imports declined to $38.8 billion, the agency said. Total exports were marginally down by 0.1 percent to $37.5 billion month-over-month in August. The federal report issues separate numbers for trade with Canada's largest trading partner, the United States, and all other countries. "Imports from the United States fell 4.3 percent to $24.2 billion, while exports rose 1.4 percent to $27.6 billion," StatsCan said. "Consequently, Canada's trade surplus with the United States increased from $2 billion in July to $3.5 billion in August." Exports to all other countries were down 3.9 percent to $9.8 billion, while imports declined by 1 percent to $14.6 billion, the report said. Notably, there was a 19.5 percent decline in exports to Japan, but the agency didn't elaborate.