UPDATE 1-Export slowdown widens Canada current account gap

* Q2 current account deficit widens to C$11.02 bln

* Balance of trade in goods returns to a deficit

(Adds details)

OTTAWA, Aug 30 (BestGrowthStock) – A slowdown in exports to the
United States caused Canada’s current account deficit to widen
more than expected in the second quarter to C$11.02 billion
($10.5 billion), Statistics Canada said on Monday.

The country’s seventh consecutive current account shortfall
was larger than the the C$10.7 billion deficit analysts had
predicted in a Reuters poll and represented a deterioration
from the revised first-quarter deficit of C$8.46 billion.

Statscan revised its first-quarter figure from an initial
estimate of a C$7.82 billion deficit.

Canada’s balance of trade in goods returned to a deficit in
the second quarter after two quarters of surplus, as shipments
of energy products and industrial goods declined and the
country’s trade surplus shrank with its top market, the United
States.

The deficit in trade in services widened however, pushed up
primarily by Canadian travelers spending more abroad, while
foreign spending on services inside the country declined.

This was partially offset by a reduced investment income
deficit as a result of bigger profits by Canadian direct
investors abroad, while returns for foreign investors in Canada
fell.
($1 = $1.05 Canadian)
(Reporting by Louise Egan; Editing by Padraic Cassidy)

UPDATE 1-Export slowdown widens Canada current account gap