Trade Deficit Hits $3.2B in December

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CBJ — Canada’s merchandise trade deficit increased to $3.2 billion in December as rising imports outpaced export growth — defying expectations that the deficit would be smaller than in November.

Additional figures released by Statistics Canada reveal that total imports increased 1.5% to a record $49.7 billion in December, boosted by higher imports of energy products and industrial machinery, equipment and parts.

Imports of energy products increased almost 17% to $3.0 billion in December, while industrial machinery, equipment and parts climbed 6.3% to $5.0 billion.

Meanwhile, total exports rose 0.6% to $46.5 billion driven by higher exports of energy products and metal and non-metallic mineral products.

Exports of energy products were up 6.2% to $8.5 billion, while metal and non-metallic mineral products climbed 7.7% to $5.6 billion.