Statistics Canada reports $41M merchandise trade deficit for November
OTTAWA –
Canada’s merchandise commerce stability slipped right into a small deficit in November as power exports fell amid decrease costs, Statistics Canada mentioned Thursday.
The company mentioned commerce stability got here in at a deficit of $41 million for November in contrast with a revised surplus of $130 million in October.
CIBC senior economist Andrew Grantham mentioned the weak spot in exports and imports throughout November appeared to largely replicate decrease power costs and month-to-month volatility inside areas akin to pharmaceutical merchandise.
“However, there are some signposts of weakening global and domestic demand as well, particularly the decline in imports of toys and games suggesting that more discretionary goods spending is weakening in line with the rise in interest rates,” Grantham wrote in a report.
Total exports fell 2.3 per cent in November to $64.4 billion as exports of power merchandise fell 4.7 per cent. Coal exports fell 24.3 per cent, whereas pure fuel exports dropped 13.1 per cent and crude oil and bitumen exports misplaced 1.8 per cent. Exports of refined petroleum power merchandise moved down 7.9 per cent.
Exports of shopper items additionally fell 6.3 per cent, whereas motor autos and components misplaced 6.4 per cent.
Excluding power merchandise, general exports had been down 1.5 per cent.
Meanwhile, imports fell 2.1 per cent in November to $64.4 billion as shopper items imports fell 5.7 per cent, weighed down by a 11.5 per cent drop in pharmaceutical and medicinal merchandise. Imports of miscellaneous items and provides additionally fell 9.6 per cent, partly due to decrease imports of toys and video games.
Imports of metallic and non-metallic mineral merchandise dropped 7.9 per cent in November.
In quantity phrases, complete exports fell 1.4 per cent in November, whereas imports had been down 0.7 per cent.
Regionally, Canada’s commerce deficit with nations apart from the U.S. was $7.3 billion in November in contrast with $8.4 billion in October as imports from China fell.
The nation’s merchandise commerce surplus with the U.S. was $7.3 billion in November in contrast with $8.6 billion in October as exports to the U.S. fell 2.6 per cent and imports from edged down 0.1 per cent.
In a separate report, Statistics Canada mentioned the nation’s month-to-month worldwide commerce in providers deficit narrowed to $1.4 billion in November in contrast with $2.1 billion in October. Exports of providers rose 2.0 per cent to $14.1 billion, whereas imports fell 2.3 per cent to $15.5 billion.
When worldwide commerce in items and providers had been mixed, the company mentioned Canada’s commerce deficit was $1.5 billion in November in contrast with $1.9 billion in October.
This report by The Canadian Press was first revealed Jan. 5, 2023.
