August 29, 2018 / 1:07 PM / 2 months ago

UPDATE 1-Canada's current account deficit narrows on smaller trade gap

TORONTO, Aug 29 (Reuters) - Canada’s current account deficit narrowed to C$15.9 billion ($12.3 billion) in the second quarter from a revised C$17.5 billion deficit in the first quarter on a lower trade gap in goods, Statistics Canada said on Wednesday.

Analysts in a Reuters poll had forecast a shortfall of C$15.2 billion.

The goods trade deficit fell by C$3.3 billion to C$5.3 billion as the surplus with the United States was boosted by stronger exports.

Exports of goods rose by C$8.1 billion to C$148.0 billion, led by higher exports of energy and forestry products. Exports of metal and non-metallic minerals and consumer goods also climbed.

Imports of goods rose C$4.8 billion to C$153.3 billion, lifted by increased imports of basic and industrial chemical, plastic and rubber products.

The deficit on trade in services widened by C$1.1. billion to C$7.0 billion.

Direct investment abroad rose to C$21.7 billion from C$7.1 billion in the first quarter. That eclipsed direct investment in Canada, which was C$11.7 billion in the second quarter.

($1=$1.2938 Canadian)

Reporting by Fergal Smith Editing by Chizu Nomiyama

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