Canada Trade Deficit Widens in November


Canada’s trade gap increased to CAD 644 million in November of 2014 from a revised CAD 327 million in the previous month as exports declined more than imports.

Exports declined 3.5 percent to CAD $43.3 billion, the lowest value since April. Shipments of energy products fell 7.8 percent to CAD 9.5 billion, the sixth consecutive monthly decrease. Crude oil and crude bitumen was the main contributor to the decline, down 9.9 percent to CAD 6.9 billion, as prices fell 6.7 percent and volumes were down 3.4 percent. Exports of other energy products (-28.4 percent), mainly coal, also decreased.

Shiments of metal and non-metallic mineral products declined 8.3 percent to CAD 5.0 billion. Overall, prices decreased 6.6 percent and volumes 1.9 percent. The decrease in exports was almost entirely due to a 26.2 percent decline in unwrought precious metals and precious metal alloys, which was partially offset by a 26.0 percent increase in unwrought nickel and nickel alloys.

Exports to the United States decreased 2.6 percent to CAD 32.9 billion in November. Exports to countries other than the United States fell 6.2 percent to CAD 10.4 billion; the main contributor was the United Kingdom, down CAD 787 million. Partially offsetting the decline were increased exports to Mexico, up CAD 280 million, and Hong Kong, up CAD 216 million.

Imports were down 2.7 percent to CAD 43.91 billion, the lowest figure since July 2014. The largest decreases were recorded for aircraft and other transportation equipment and parts; electronic and electrical equipment and parts; and consumer goods. Motor vehicles and parts (+1.2 percent) was the lone section to record an increase.
Imports of aircraft and other transportation equipment and parts fell 18.7 percent to CAD 1.4 billion. Imports of aircraft decreased 47.3 percent to CAD 269 million following two consecutive monthly increases. The commodity grouping "ships, locomotives, railway rolling stock, and rapid transit equipment" also contributed to the decline, down CAD 173 million to CAD 48 million in November following an increase of CAD 183 million in October.

Imports from the United States declined 2.1 percent to CAD 29.9 billion. Imports from countries other than the United States decreased 4.2 percent to CAD 14.0 billion. Imports were down from Belgium (CAD -133 million), China (CAD -129 million) and Saudi Arabia (CAD -114 million).

Canada Trade Deficit Widens in November


Statistics Canada | Carolina Cunha | carolina.cunha@tradingeconomics.com
1/7/2015 2:24:08 PM