Sliding oil exports push Canada to November trade deficit
by The Canadian Press
Statistics Canada also revised its figures for October to show a deficit of $327 million compared with an initial $99-million surplus
OTTAWA—Statistics Canada says the country posted a merchandise trade deficit of $644 million in November as exports of oil fell.
Economists had expected a deficit of $300 million, according to Thomson Reuters.
Statistics Canada also revised its figures for October to show a deficit of $327 million compared with an initial reading of a $99-million surplus.
Canada’s merchandise imports fell 2.7 per cent in November, while exports 3.5 per cent. Exports fell to $43.3 billion in November—the lowest level since April 2014—while imports fell to $43.9 billion, which is the lowest level since last July.
Imports from the U.S. fell 2.1 per cent to $29.9 billion in November, while exports were down 2.6 per cent to $32.9 billion, narrowing Canada’s trade surplus with that country from $3.2 billion in October to $2.9 billion in November.
Exports to other countries fell 6.2 per cent to $10.4 billion, while imports were down 4.2 per cent to $14.0 billion, widening that trade deficit from $3.5 billion in October to $3.6 billion in November.
