Canadian Manufacturing

Merchandise trade deficit shrank in December as crude oil exports rose

Exports rose 1.9% in December to $49.3 billion

February 5, 2020  The Canadian Press

OTTAWA — Statistics Canada says the country’s merchandise trade deficit shrank to $370 million in December compared with $1.2 billion in November, as crude oil exports rose.

Economists on average had expected a deficit of $610 million, according financial markets data firm Refinitiv.

Exports rose 1.9% in December to $49.3 billion but, excluding energy products, edged up 0.3%.

Energy exports climbed 9.5% in December, led by an 18.0% increase in crude oil exports that rebounded after a drop in November due to a rupture in the Keystone pipeline in North Dakota.

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Total imports climbed 0.2% in December to $49.7 billion.

For the full year, the trade deficit totalled $18.3 billion in 2019, the smallest deficit since 2014, when the last annual surplus was recorded.