Sinking metals and energy lead Canada’s exports decline
Canada's trade deficit with most of the world jumped to $2 billion in November from $552 million in the previous month as merchandise imports rose and overall exports fell.
According to Statistics Canada, the country’s exports slipped 0.9% to $37.5 billion, led by declines in shipments of metals and mineral products, as well as farm, fishing and intermediate food goods.
Imports climbed 2.7% to $39.5 billion, with electronic and electrical equipment and parts leading the gain, followed closely by motor vehicles and parts as well as metal and non-metallic mineral products.
Imports of metals and mineral products increased 6.8% to $3.7 billion in November, as a result of higher volumes. Imports of unwrought precious metals and precious metal alloys were up 14.4%.
Acquisitions of basic and industrial chemical, plastic and rubber products grew 6.7% to $3.2 billion, mainly on higher volumes. Imports of basic chemicals rose 20.1% in November.
Imports of energy products decreased 3.7% to $3.5 billion, as volumes fell 4.0%. Imports of refined petroleum energy products, mainly gasoline, fell 13.2%, as a result of lower volumes and prices.
Canadian trade with the United States was up both ways. Exports to the US rose 3.9 per cent to $28.3 billion and imports were up 1.7% to $25 billion, lifting the trade surplus with that country to $3.3 billion in November from $2.7 billion in October.