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- Canada’s trade deficit narrows to CAD1.67 billion in December
Canada’s trade deficit narrows to CAD1.67 billion in December
Statistics Canada announced on Friday that Canada’s merchandise trade deficit stood at CAD1.67 billion in December, narrowing from a revised CAD3.56-billion gap in November (originally a CAD3.34-billion shortfall). This was the lowest trade gap since June 2020. Economists had forecast a deficit of CAD3.00 billion.
According to
the report, Canada’s exports grew by 1.5 percent m-o-m to CAD47.32 billion in December,
mainly driven by higher exports of energy products (+10.2 percent m-o-m).
Meanwhile, imports decreased by 2.3 percent m-o-m to CAD48.98 billion in December,
primarily due to lower imports of consumer goods (-8.0 percent m-o-m).
For the year
2020, Canada's trade deficit totaled CAD36.2 billion, more than double the shortfall
observed in 2019. Its exports declined 12.3 percent in 2020, while imports dropped
8.6 percent.
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