Trade Deficit $2.1B in November
CBJ — Figures released by Statistics Canada indicate the nation’s merchandise trade deficit with other countries increased to $2.1 billion in November compared with $851 million in October. A deficit of just under $2 billion had been expected.
The increase in the trade deficit came as total exports fell almost 3% to $48.3 billion in November, the fourth consecutive monthly decline.
Exports were down in eight of 11 sub-sectors, led by energy products due to a drop in oil prices. Excluding energy products, exports fell 1.4%.
Meanwhile, total imports fell 0.5% to $50.4 billion in November as imports dropped in seven of 11 product areas.
Imports of motor vehicles and parts fell 2.8% to $8.9 billion, while imports of metal ores and non-metallic minerals fell 18.6% to $1.1 billion.