Canada Nov trade deficit narrows

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OTTAWA: Canada’s trade deficit narrowed in November to Can$2.0 billion ($1.4 billion) compared to Can$2.5 billion the previous month, the government statistics agency said on Wednesday.

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The result beat analysts’ expectations that the trade deficit would grow to Can$2.6 billion.
Imports fell 0.7 percent in November from the previous month, to Can$45.2 billion against a revised Can$45.6 billion in October.

The electronics and energy sectors registered the biggest drop in foreign purchases. Imports of electronic material and parts were off 2.9 percent at Can$5.1 billion, while purchases of energy products from foreign sources fell 6.4 percent to Can$2.1 billion.

Imports of machines, material and industrial parts rose 2.5 percent in the month, to Can$4.5 billion.

Exports rebounded by 0.4 percent to Can$43.3 billion in November after declining for three months. October’s export figure was a revised Can$43.1 billion.

Sectors with higher exports included autos and auto parts (5.9 percent), minerals and non-metallic minerals (20.4 percent) and construction and packaging materials (5.5 percent).

Offsetting export growth in those areas was a 6.6 percent drop in foreign sales of energy products, an important sector of the Canadian economy.

The United States, Canada’s top trade partner, bought Can$32.5 billion in goods from its northern neighbor, a 1.3 percent increase over October. Canadian imports of US goods were up just 0.1 percent to Can$30.4 billion.

AFP

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