Statistics Canada reports trade deficit hits $2.1B in November
Exports were down in eight of 11 sections, led by energy products due to a drop in oil prices
OTTAWA – Statistics Canada says the country’s merchandise trade deficit with other countries increased to $2.1 billion in November compared with $851 million in October.
Economists had expected a deficit of $1.95 billion, according to Thomson Reuters Eikon.
The increase in the trade deficit came as total exports fell 2.9 per cent to $48.3 billion in November, the fourth consecutive monthly decline.
Exports were down in eight of 11 sections, led by energy products due to a drop in oil prices. Excluding energy products, exports fell 1.4 per cent.
Meanwhile, total imports fell 0.5 per cent to $50.4 billion in November as imports dropped in seven of 11 product sections.
Imports of motor vehicles and parts fell 2.8 per cent to $8.9 billion, while imports of metal ores and non-metallic minerals fell 18.6 per cent to $1.1 billion.