Canada’s trade deficit widens in November

Thursday, 08 January 2015 00:46:42 (GMT+3)   |   San Diego
       

According to a report Wednesday from Statistics Canada, Canada's exports declined 3.5 percent in November and imports were down 2.7 percent. As a result, Canada's merchandise trade deficit with the world widened from $327 million in October to $644 million in November.

Export prices declined 1.9 percent and volumes were down 1.6 percent. Meanwhile, import prices declined 1.0 percent and volumes decreased 1.7 percent.

Exports to the United States decreased 2.6 percent to $32.9 billion in November. Exports to countries other than the United States fell 6.2 percent to $10.4 billion; the main contributor was the United Kingdom, down $787 million. Partially offsetting the decline were increased exports to Mexico, up $280 million, and Hong Kong, up $216 million.

Imports from the United States declined 2.1 percent to $29.9 billion. Imports from countries other than the United States decreased 4.2 percent to $14.0 billion. Imports were down from Belgium (-$133 million), China (-$129 million) and Saudi Arabia (-$114 million).

As a result, Canada's trade surplus with the United States narrowed from $3.2 billion in October to $2.9 billion in November. Canada's trade deficit with countries other than the United States widened from $3.5 billion in October to $3.6 billion in November.

Exports declined to $43.3 billion in November, the lowest level since April 2014. The main contributors to the decrease were energy products and metal and non-metallic mineral products. Notably, 9 of 11 sections declined. Nevertheless, year-over-year, exports were up 8.4 percent.

Imports decreased to $43.9 billion in November, the lowest level since July 2014. There were declines in 10 of 11 sections, with the largest decreases recorded in aircraft and other transportation equipment and parts; electronic and electrical equipment and parts; and consumer goods. Motor vehicles and parts (+1.2 percent) was the lone section to record an increase.


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