Canada’s global trade deficit doubled in January, nears dubious record
Exports fell 2.8 per cent in January while imports were largely unchanged from December
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OTTAWA—Statistics Canada says the country’s merchandise trade deficit with the world grew to $2.5 billion in January from $1.2 billion in December—the largest since the record $2.9-billion deficit in July 2012.
Economists had expected a deficit of $1 billion, according to Thomson Reuters.
The agency says the deficit increased as exports fell 2.8 per cent in January while imports were largely unchanged from December.
Statistics Canada says export prices fell 1.5 per cent because of lower energy prices, while volumes were down 1.3 per cent.
Import prices rose 0.1 per cent and volumes were down 0.1 per cent.
Imports from the United States were down 0.1 per cent to $30.5 billion in January, while exports fell 3.1 per cent to $31.8 billion, narrowing Canada’s trade surplus with that country to $1.2 billion in January from $2.2 billion in December.
Exports to other countries were down 1.9 per cent to $10.9 billion in January, while imports were up 0.2 per cent to $14.5 billion, widening the trade deficit with the rest of the world to $3.7 billion in January from $3.4 billion in December.