Canadian trade deficit climbs to $2.1 billion in November

Statistics Canada says exports fell 2.9%, while imports declined 0.5%.

Statistics Canada announced that the country’s merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November, mostly because of lower exports of crude oil.

The Federal agency says total exports fell 2.9% to $48.3 billion in November. Exports of energy products fell 9.2% to $8.4 billion. Exports of basic and industrial chemical, plastic and rubber products also contributed to the decline, falling 7.5% to $2.8 billion. Exports of forestry products and building and packaging materials were also down in November (-5.7%).

Total imports also declined, by 0.5% to $50.4 billion in November. Imports of motor vehicles and parts decreased 2.8% to $8.9 billion and imports of metal ores and non-metallic minerals fell 18.6% to $1.1 billion. The overall decrease was largely offset by higher imports of aircraft and other transportation equipment and parts, which rose 21.2% to $2.1 billion.

On a per country perspective, Canada’s trade deficit with countries other than the United States narrowed from $4.4 billion in October to $4.2 billion in November, the smallest deficit since December 2016. Exports to countries other than the United States edged up 0.1% to $13.0 billion, while imports from countries other than the United States fell 0.8% to $17.2 billion.

Exports to the United States fell 3.9% to $35.3 billion, mostly due to lower crude oil exports. Imports were down 0.3% to $33.2 billion. As a result, Canada’s trade surplus with the United States narrowed from $3.5 billion in October to $2.2 billion in November.