Statistics Canada reports merchandise trade deficit $160 million in December

OTTAWA –

Canada posted a merchandise commerce deficit of $160 million in December as each exports and imports fell in contrast with November, Statistics Canada mentioned Tuesday.

The outcome adopted a revised deficit of $219 million for November in contrast with an preliminary studying for the month that confirmed a $41 million deficit.

BMO Capital Markets economist Shelly Kaushik mentioned December was the second straight deficit, as decrease power costs weighed on exports.

“However, real trade flows were more encouraging, and suggest that trade will add meaningfully to fourth-quarter growth,” Kaushik wrote in a report.

Statistics Canada mentioned exports in December fell 1.2 per cent within the month to $63.0 billion. Energy exports fell 7.6 per cent to $14.3 billion, whereas exports of farm, fishing and intermediate meals merchandise dropped 9.9 per cent to $5.3 billion.

Meanwhile, imports dropped 1.3 per cent in December to $63.1 billion as imports of shopper items fell 6.4 per cent to $12.1 billion and motor autos and elements dropped 6.0 per cent to $9.9 billion.

In quantity phrases, whole exports in December rose 0.9 per cent, whereas import volumes fell 1.9 per cent.

Statistics Canada mentioned Canada’s commerce deficit with nations aside from the U.S. was $7.1 billion in December in contrast with $7.3 billion in November as imports from nations aside from the U.S. fell 3.8 per cent, however exports to those self same nations dropped 4.5 per cent.

Meanwhile, Canada’s merchandise commerce surplus with the U.S. was $7.0 billion in December in contrast with $7.1 billion in November as exports to the U.S. fell 0.1 per cent and imports rose 0.2 per cent.

For the entire of 2022, Statistics Canada mentioned the nation posted a merchandise commerce surplus of $20.1 billion, up from a surplus of $4.6 billion in 2021.

In a separate report, the company mentioned Canada’s worldwide commerce in companies deficit was $1.2 billion in December in contrast with $1.4 billion in November.

Exports of companies rose 1.1 per cent to $14.2 billion, whereas imports of companies was down 0.6 per cent at $15.4 billion.

When worldwide commerce in items and companies have been mixed, Statistics Canada mentioned the nation’s commerce deficit with the world was $1.3 billion in December in contrast with $1.6 billion in November.

This report by The Canadian Press was first revealed Feb. 7, 2023