Canada's foreign trade gap widens in August

By Gokhan Ergocun

ISTANBUL (AA) - Canada's exports dropped 1% in August while imports rose 0.3% month-on-month which resulted in a foreign trade deficit of 1.1 billion Canadian dollars ($805.3 million), Statistics Canada said Tuesday.

It said imports totaled 65.4 billion Canadian dollars.

Exports, meanwhile, amounted to 64.3 billion Canadian dollars in August, falling for a second consecutive month.

Energy products exports posted the largest decrease with 3% in August, mainly on lower exports of crude oil (-4.1%).

"This decrease was mainly attributable to lower prices for crude oil exports in August, as concerns over oil demand exerted downward pressure on crude oil prices," said Statistics Canada.