Slumping export numbers offer fresh evidence that Canadian exporters continue to feel the pinch of slowing global economic growth. PHOTO by Pexels.
Canadian exports of industrial machinery, equipment and parts decreased 5.0% to $4.1 billion in June, down for the first time in four months. Exports of metal and non-metallic mineral products decreased the most, down 8.0% to $7.2 billion in June.
The declines were indicative of a general slowdown in Canadian exports in June spanning 9 of 11 product sections tracked by Statistics Canada.
Only two product sections bucked the trend and recorded higher exports in June. Exports of consumer goods rose 2.8% to $7.5 billion, while exports of aircraft and other transportation equipment and parts climbed 5.9% to $2.6 billion.
“The aerospace sector continues to recover from the devastating impact of the pandemic, with exports rising by one-quarter over the last year,” notes Alan Arcand, chief economist, Canadian Manufacturers & Exporters.
Slumping export numbers offer fresh evidence that Canadian exporters continue to feel the pinch of slowing global economic growth, Arcand says. He points out that export volumes have declined for two consecutive months and were down by an annualized 2.9% in the second quarter.
