The Canadian Press

Canada’s merchandise exports and imports both fell in August after gains in July.

Statistics Canada reports exports declined 5.1%, as a result of a 5% reduction in volumes.

Imports fell 2.8% as import volumes edged down 0.3.

Consequently, Canada’s trade deficit widened to $2 billion in August from $1.3 billion in July.

Exports dropped across the board to $29.2 billion in August from $30.8 billion in July, led by machinery and equipment, agricultural and fishing products, industrial goods and materials, and automotive products.

Imports declined to $31.2 billion in August from $32.1 billion in July, primarily the result of a 2.6% reduction in prices.

Machinery and equipment accounted for half the import decrease, while energy products, other consumer goods and industrial goods and materials also contributed.

Gains in imports of automotive products moderated the decline.

Since reaching record highs in July 2008, exports and imports have generally been trending downward.