Canadian exports increased 0.4% in November while imports were down 0.7%, reducing Canada’s international trade deficit from $2.5 billion in October to $2 billion in November.
Total exports rose to $43.3 billion, led by motor vehicles and parts (+5.9%), metal ores and non-metallic minerals (+20.4%) and forestry products and building and packaging materials (+5.5%). These gains were partially offset by lower exports of energy products (-6.6%) and consumer goods (-4.5%).Total imports declined to $45.2 billion, the main declines being in electronic and electrical equipment (-2.9%), energy products (-6.4%) and consumer goods (-1%). These were moderated by a 2.5% increase in industrial machinery and equipment.
Geographically, exports to the United States rose 1.3% and imports declined 0.1%, increasing Canada’s trade surplus with the U.S. from $1.7 billion to $2.1 billion. As exports to other countries declined 2.2% while imports decreased 2.1%, Canada’s trade deficit with countries other than the U.S. went from $4.2 billion to $4.1 billion.
South of the border, U.S. November exports reached $182.2 billion, about 1% below October and imports $224.6 billion or 1.5% below October, lowering the U.S. international trade deficit from $44.6 billion to $42.4 billion. U.S. exports of industrial supplies and materials and consumer goods decreased the most, while capital and consumer goods led the decrease in imports.
Christian Sivière, Import Export Logistics Solutions, Montréal
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