Canada posted a trade deficit of $2.2B in November, says StatCan
Global News
Canada posted a merchandise trade deficit of $2.2 billion for November as exports of gold as well as motor vehicles and parts fell in the month, Statistics Canada said Thursday.
Canada posted a merchandise trade deficit of $2.2 billion for November as exports of gold as well as motor vehicles and parts fell in the month, Statistics Canada said Thursday.
The agency said the result compared with a revised trade deficit of $395 million in October.
However, RBC senior economist Claire Fan noted that despite the deteriorating trade balance, Canadian exporters continued to show signs of at least some diversification to non-U.S. markets.
“Goods exports to non-U.S. destinations were 29 per cent above year-ago levels in November, while goods imports from non-U.S. markets rose 18 per cent both near or at all-time highs,” Fan wrote in a report.
The comments came as Canada’s trade surplus with the U.S. amounted to $6.6 billion in November, up from $5.2 billion in October as exports to the U.S. for the month fell 1.8 per cent and imports from Canada’s largest trading partner fell 5.4 per cent.
Meanwhile, Canada’s trade deficit with countries other than the U.S. was $8.8 billion in November compared with a deficit of $5.6 billion in October as imports from countries other than the U.S. rose 7.8 per cent to hit an all time high. Exports to places other than the U.S. fell 4.9 per cent.
Overall, total exports fell 2.8 per cent in November to $63.9 billion.
The drop came as exports of metal and non-metallic mineral products plunged 24.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys — a category largely composed of unwrought gold — fell.
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