Schnurr is referring to estimates at current prices; the volume estimates show a smaller, but still substantial, drop in exports. The misnamed estimates in 2007 chained dollars show a 2.4% drop in merchandise exports as opposed to a 1.1% increase in merchandise imports. The Laspeyres volume measures show a 1.6% drop in merchandise exports as opposed to a 0.8% increase in merchandise imports. It should be noted that the growth in merchandise exports is still very strong if one looks at June as compared to May: it was 8.1% for the Laspeyres volume index at annualized rates, so our export growth may just be taking a one-month breather. Time will tell if this was just a one-month blip or if May 2017 growth (8.1% over 12 months) was as good as it gets for the Trudeau government.