Canada imported a record C$53mn ($42.4mn) worth of goods in July, up 4.2pc from June, while exports also increased 0.6pc. During the same period, domestic construction declined 3.9pc to C$9.9bn in permits.
The rise in imports was driven by a 21pc hike in auto and parts imports despite being it being the month of the summer shutdown in North America. Light truck imports were up 28pc while engines and other parts imported rose 19.3pc. Auto parts also contributed to the rise in exports as car and truck exports increased 8.4pc. Trade with the US was also at a record level, with imports from the country up 8.4pc to C$34.1bn and exports up 3.6pc to C$40.8bn in July over June.
The 3.9pc fall in building permits in July was driven by Ontario’s residential sector, which saw a 10.5pc drop in permits. Non-residential permits across Canada also decreased 5.6pc to $2.9bn in the same period under comparison. This was led by a 45pc downside in Alberta.