The national data agency tracked a decline in exports in nine of 11 categories including in metals, down eight per cent, and motor vehicles, down 1.1 per cent. Canola exports fell 42.4 per cent, erasing gains made following Russia’s invasion of Ukraine.
“Weaker global demand and the fading boost from easing supply shortages took a toll on exports in June, confirming that net trade weighed on second-quarter GDP growth,” said Olivia Cross, an economist at Capital Economics in a note. In the second quarter, real export volumes fell 0.4 per cent quarter over quarter, meanwhile real imports rose 0.9 per cent. In the first quarter, exports were up 10 per cent annualized from the quarter before with imports flat.Article content
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