The merchandise trade deficit narrowed to a 17-month low of $0.6bn in June, thanks to a 4.1% monthly rise in exports and a small fall in imports. But both moves were largely due to big swings in aircraft trade. The big picture remains that non-energy exports are still lagging behind global economic conditions. While the Markit global manufacturing PMI hit a seven-year high at the turn of the year, annual non-energy export growth has fluctuated around zero. With both the global PMI and the export orders component of the Canadian equivalent falling in recent months, exporters may have missed the boat.
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