Canada Trade Deficit Widens
(MENAFN- Saudi Press Agency) Canada posted a $544 million trade deficit in November, as exports to the United States and Britain fell sharply, Statistics Canada (Statscan) reported Wednesday.
The deficit followed a $276 million trade surplus in October. Analysts had expected a smaller $169 million November deficit.
Statscan said exports to the United States€"Canada€„¢s biggest trading partner€"decreased 2.6 percent to $27.8 billion in the month. Britain led a drop in exports to other countries, down $655 million. The decline was partially offset by increased exports to Mexico and Hong Kong.
Statscan reported €Åwidespread declines in imports,€€Œ with the biggest decreases recorded in transportation, computers and electronics, and consumer goods. Imports from the United States, Belgium, China, and Saudi Arabia declined.
Exports of energy products led by crude oil and bitumen, as well as coal, fell for a sixth consecutive month in November. Exports of precious metals and alloys also fell, while nickel exports increased, the report said.
The deficit followed a $276 million trade surplus in October. Analysts had expected a smaller $169 million November deficit.
Statscan said exports to the United States€"Canada€„¢s biggest trading partner€"decreased 2.6 percent to $27.8 billion in the month. Britain led a drop in exports to other countries, down $655 million. The decline was partially offset by increased exports to Mexico and Hong Kong.
Statscan reported €Åwidespread declines in imports,€€Œ with the biggest decreases recorded in transportation, computers and electronics, and consumer goods. Imports from the United States, Belgium, China, and Saudi Arabia declined.
Exports of energy products led by crude oil and bitumen, as well as coal, fell for a sixth consecutive month in November. Exports of precious metals and alloys also fell, while nickel exports increased, the report said.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment