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- Canada’s trade deficit narrows more than forecast in December
Canada’s trade deficit narrows more than forecast in December
Statistics Canada announced on Wednesday that Canada's merchandise trade deficit stood at CAD0.37 billion in December, narrowing from a revised CAD1.20 billion gap in November (originally a CAD1.09-billion gap).
Economists had expected a deficit of CAD0.61 billion.
According to the report, the country's exports rose 1.9 percent m-o-m in December, primarily due to higher crude oil exports (+18.0 percent m-o-m). Meanwhile, imports increased 0.2 percent m-o-m in December, led by a gain in imports of consumer goods (+4.0 percent m-o-m).
For 2019, Canada's trade deficit totaled $18.3 billion, the smallest gap since 2014. The country's total exports rose 1.7 percent in 2019, while total imports grew 1.0 percent.
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