Canadian imports plummet
Canada's imports showed their biggest monthly drop since 1991 in August, Statistics Canada said Friday, which analysts said pointed to weakening domestic demand and a gloomy outlook for the economy.
Overall, the trade surplus grew by 38 percent in August from July but this was because of the sharp fall in imports. Exports also fell.
Imports fell 5.8 percent in August to 37.3 billion Canadian dollars (31.5 billion US), in the first decrease since March, due to fewer purchases of foreign cars and energy products, said the government agency.
"The decline in imports was the largest percentage drop since December 1991," said Statistics Canada. "Total import volumes fell 6.9 percent, while prices increased 1.1 percent."
At the same time, exports fell 1.6 percent to 43.1 billion dollars (36.4 billion US) in the first decline since December 2007. Export volumes were down 1.5 percent, while export prices remained relatively unchanged.
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