Lower exports, higher imports pushed current account deficit up in Q2: StatsCan

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OTTAWA - Statistics Canada says lower exports and higher imports pushed the current account deficit up to $16 billion in the second quarter on a seasonally adjusted basis.

The agency says that was $5.9-billion higher than in the first quarter.

It says the overall goods balance posted a $3.6-billion deficit in the second quarter, following three quarters of surpluses.

A combination of lower exports, especially in energy products, was a major driver in the deterioration.

This largely reflected trade with the United States, as the goods surplus with the U.S. narrowed by $5.5 billion to $9.9 billion, its lowest level since the fourth quarter of 2010.

Total exports of goods were down $3.6 billion, while imports expanded $2.3 billion in the second quarter.

Organizations: Statistics Canada

Geographic location: United States, OTTAWA

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