Statistics Canada announced that the country’s merchandise exports decreased 2.3% in November, in large part because of a decline in exports of energy products. Meanwhile, imports were down 2.1%, partly on lower imports of consumer goods.
As a result, Canada’s merchandise trade balance with the world went from a surplus of $130 million in October to a deficit of $41 million in November.
The Federal Agency reports that total exports fell to $64.4 billion in November. Declines were observed in 8 of the 11 product sections, with exports of energy products leading the decreases. Total imports decreased to $64.4 billion. Declines were observed in 8 of the 11 product sections.
Canada’s trade deficit with countries other than the United States narrowed from $8.4 billion in October to $7.3 billion in November. Imports from those countries decreased 5.3% in November, the strongest drop since January 2022. This decline was led by lower imports from China. Exports to countries other than the United States were down 1.3% in November. Decreases in exports to Japan, China, South Korea and other countries were partially offset by a strong increase in exports to the United Kingdom.
Exports to the United States decreased 2.6% in November, while imports from that country edged down 0.1%. As a result, the merchandise trade surplus with the United States narrowed for a sixth consecutive month, moving from $8.6 billion in October to $7.3 billion in November.