09:02 AM EDT, 07/03/2024 (MT Newswires) -- Canada's international trade deficit Wednesday widened to C$1.9 billion in May from C$1.3 billion in April, leaving it below the consensus expectation for a C$1.3 billion deficit, said CIBC.

That reflected a 2.6% m/m drop in exports while imports fell by 1.6% m/m. Eight of 11 export categories dropped off, including unwrought gold, energy products, and aircraft shipments, and total export volumes declined by 1.7% m/m.

On the import side, six of 11 product sections decreased, including unwrought gold and autos, leaving total import volumes 1.3% m/m lower.

While gold shipments continued to be a source of volatility in Wednesday's data, the broad trend has still been weak, owing to subdued domestic and global activity, with exports 0.6% below year-ago levels and imports 1.4% below year-ago levels on weak domestic demand, stated CIBC.