Canadian trade deficit narrows to $1.1 billion in November

Tuesday, 07 January 2020 22:04:41 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canada's merchandise exports declined 1.4 percent in November to $48.7 billion, while imports were down 2.4 percent to $49.8 billion. As a result, Canada's merchandise trade deficit with the world narrowed from $1.6 billion in October to $1.1 billion in November.

After decreasing 0.4 percent in October, exports fell a further 1.4 percent in November. Declines were observed in 7 of 11 product sections, while non-energy exports were essentially unchanged. Compared with the same period in 2018, total exports were up 1.5 percent in the first 11 months in 2019. In real (or volume) terms, exports were down 2.7 percent in November from the previous month.

Partially offsetting the overall export decrease were higher exports of metal and non-metallic mineral products (+7.3 percent), which reached a record in November. Exports of unfinished precious metal products (+29.5 percent) rose sharply for a second consecutive month, with an increase in exports of gold bars to the United Kingdom and Hong Kong driving the gain. Lower exports of aluminum and iron and steel products helped to moderate the increase for the product section.

Total imports fell 2.4 percent in November after rising 0.6 percent in October. Widespread decreases were observed, with 10 of 11 product sections posting declines. Total imports through the first 11 months of 2019 were up 1.4 percent compared with the same period in 2018. In real (or volume) terms, imports decreased 1.3 percent in November from the previous month.

Exports to the United States decreased 3.3 percent, while imports fell 1.1 percent. As a result, Canada's trade surplus with the United States narrowed from $5.1 billion in October to $4.2 billion in November, the smallest surplus since April.

Exports to countries other than the United States rose 4.3 percent in November. There were record exports to the United Kingdom (gold and crude oil), as well as increased exports to France (canola and soybeans) and Hong Kong (gold). Imports from countries other than the United States fell 4.7 percent, led by lower imports from China (various products) and Mexico (autos). As a result, Canada's trade deficit with countries other than the United States narrowed from $6.7 billion in October to $5.3 billion in November.


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