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Canadian exports jump in July

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Canada’s export sector posted healthy growth for the second month in a row in July, helping cut the country’s trade deficit.

Exports grew by 2.3 per cent from June to $45.46-billion, the second highest figure on record. The main areas of growth were motor vehicles, consumer goods and aircraft. Exports of energy products dropped by 5.7 per cent, mainly due to lower prices.

The data will be closely studied by the Bank of Canada, which cited disappointing non-energy exports as one reason it cut interest rates in July, for the second time this year.