Canada’s trade deficit narrows to $3.3 billion in November

Merchandise exports increased 0.5 percent, while imports edged down 0.3 percent

Statistics Canada announced that the country’s merchandise exports increased 0.5% in November, with gold exports posting the largest increase. Imports edged down 0.3%, on lower imports of industrial machinery, equipment and parts.

As a result, Canada’s merchandise trade deficit with the world narrowed from $3.7 billion in October, to $3.3 billion in November.

The Federal agency reports that, following a number of significant increases and decreases earlier in the year, the rate of change in Canada’s trade activity slowed in November, with total trade edging up 0.1%. This represented the smallest monthly percentage change in 2020.

In November, exports to countries other than the United States rose 7.4%, a sixth increase in the last seven months. The United Kingdom was by far the largest contributor to the growth in Canada’s exports to non-U.S. countries-the result of higher exports of refined gold. Imports from those countries were down 1.3%. Imports from Peru, South Korea and Germany saw the largest decreases. After reaching a record high in October, imports from China remained high, despite falling 2.1% on lower imports of wind turbines.

Canada’s trade deficit with countries other than the United States narrowed from $6.9 billion in October to $5.7 billion in November.

Exports to the United States fell 2.2% in November, while imports edged up 0.3%. As a result, Canada’s trade surplus with the United States narrowed from $3.1 billion in October to $2.3 billion in November.