September 14, 2006
Canadian auto trade deficit is a concern, CAW president says
Toronto, Ontario – Canada’s auto sector fell into a trade deficit in July for the first time since 1991, says the Canadian Auto Workers Union (CAW), citing a report in the Globe & Mail. The CAW says that Canadians imported almost $1 billion more in cars, trucks and auto parts in July than they exported.
The CAW says that imports increased 11.2 per cent from the previous month, climbing to $7.3 billion; at the same time, auto exports contracted by 7.2 per cent to $6.3 billion.
“Federal government talks aimed at a free trade agreement with South Korea make no sense at a time when we are fighting hard to maintain auto production and parts jobs in Canada,” says CAW president Buzz Hargrove. “These latest statistics strongly support the concerns the CAW has consistently raised about the impact the current flood of imports is having at a time when the Big Three can’t get anywhere near equal access into the Japanese or Korean markets.”