The US Census Bureau and the US Bureau of Economic Analysis, through the Department of Commerce, announced Friday that total December exports of $186.4 billion and imports of $224.9 billion resulted in a goods and services deficit of $38.5 billion, down from $48.6 billion in November, revised. December exports were $3.9 billion more than November exports of $182.5 billion. December imports were $6.2 billion less than November imports of $231.1 billion.
The goods and services deficit decreased $13.2 billion from December 2011 to December 2012. Exports were up $8.6 billion, or 4.9 percent, and imports were down $4.6 billion, or 2 percent.
US Deputy Secretary of Commerce Rebecca Blank issued a statement announcing that US goods and services exports reached an all-time record in 2012, totaling $2.2 trillion. Export records were seen across the board, including in: capital goods, automotive vehicles, parts, and engines; consumer goods; and travel and tourism.
Statistics Canada said that merchandise imports fell 2.8 percent in December and merchandise exports declined 0.9 percent. As a result, Canada's trade deficit with the world decreased from $1.7 billion in November to $901 million in December. Volumes largely accounted for the declines in imports and exports.
Imports fell to $38.5 billion, as volumes decreased 2.7 percent. Exports declined to $37.6 billion as volumes fell 2.1 percent, while prices rose 1.2 percent.
Exports to the US fell 4 percent to $27.6 billion, mainly on lower exports of motor vehicles and parts. Imports from the US decreased 3.3 percent to $24.1 billion. Consequently, Canada's trade surplus with the US narrowed from $3.8 billion in November to $3.5 billion in December.
Exports to countries other than the US rose 8.5 percent to $10.0 billion while imports declined 2 percent to $14.5 billion. As a result, Canada's trade deficit with countries other than the US decreased from $5.5 billion in November to $4.4 billion in December.