Canadian trade deficit climbs to $4.6 billion in December

Statistics Canada says exports were down 3.8% while imports rose 1.6%.

Statistics Canada announced that the country’s merchandise trade deficit with the world widened from $2.0 billion in November to a record $4.6 billion in December.

The Federal agency says total exports were down 3.8% to $46.3 billion. Exports of energy products fell 21.7% to $6.4 billion. Exports of metal and non-metallic mineral products were down 9.8% to $4.9 billion. The overall December decrease was partially offset by higher exports of aircraft and other transportation equipment and parts, which rose 16.0% to $2.4 billion.

Total imports rose 1.6% to $50.9 billion in December. Imports of energy products rose 19.7% to $3.3 billion. Imports of motor vehicles and parts were up 4.0% to $9.4 billion. Imports of metal ores and non-metallic minerals increased 32.8% to a record high $1.4 billion. Partially offsetting the overall increase in December were lower imports of aircraft and other transportation equipment and parts, which fell 24.9% to $1.7 billion.

On a per country perspective, Canada’s trade deficit with countries other than the United States widened from $4.2 billion in November to $6.4 billion in December. Imports from countries other than the United States rose 9.2% to a record $19.0 billion and exports to countries other than the United States were down 4.2% to $12.6 billion.

Exports to the United States were down 3.6% to $33.7 billion in December, while imports from the United States were down 2.4% to $31.9 billion. As a result, Canada’s trade surplus with the United States narrowed from $2.2 billion in November to $1.8 billion in December.