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Investing.com -- Canada’s trade deficit narrowed in May to C$5.9 billion ($4.34 billion), meeting market expectations after a record deficit in April, according to data released Thursday by Statistics Canada.
The May deficit decreased from a downwardly revised C$7.6 billion in April, as total exports rose by 1.1% on a monthly basis while imports declined. This export growth followed a sharp 11% drop in April.
Statistics Canada reported this was the first increase in exports in four months.
The improvement was primarily driven by record exports to countries other than the United States.
Despite the overall export growth, shipments to the United States were negatively affected by U.S. tariffs, the data showed.
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