Statistics Canada says trade deficit hit record $4.6B in December
Also in December, exports of energy products fell, while imports of motor vehicles and parts were up
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OTTAWA – Statistics Canada says the country’s merchandise trade deficit grew to a record $4.6 billion in December as lower crude oil prices prompted a drop in exports.
The result followed a trade deficit of $2.0 billion in November.
Exports were down 3.8 per cent to $46.3 billion in December.
Exports of energy products fell 21.7 per cent to $6.4 billion in December, the lowest level since July 2016. Excluding energy products, exports were essentially unchanged in December.
Total imports rose 1.6 per cent to $50.9 billion in December.
Imports of energy products rose 19.7 per cent to $3.3 billion while imports of motor vehicles and parts were up 4.0 per cent to $9.4 billion in December.