Wednesday, November 26th0.1°C
24157
24056

Imports up, exports flat, trade deficit rose in November: StatsCan

OTTAWA - Canada's trade deficit edged higher in November as imports inched higher and exports stalled, raising questions about just how well the economy finished the year.

Statistics Canada reported Tuesday that the country's overall trade deficit with the world grew to $940 million in November as imports rose to $40.7 billion, while exports were unchanged at $39.8 billion.

The deficit came as the results for October were also revised to show a deficit of $908 million compared with an initial report of a surplus of $75 million for the month.

"The revision was driven by sharp weakness in oil prices, which I guess they didn't notice in the prior month, and persisted into November," BMO Capital Markets senior economist Benjamin Reitzes said.

The loonie was down 0.78 of a cent to 93.1 cents U.S. late in the morning after earlier going low as 92.91 cents U.S. following the results and strong trade data out of the U.S.

Canada's trade surplus with its largest market, the United States, shrank to $2.8 billion in November from $3.1 billion in October.

The overall U.S. trade deficit fell to US$34.3 billion in November, its lowest level in four years as gains in energy production and stronger sales of airplanes, autos and machinery lifted exports to an all-time high.

American exports rose 0.9 per cent to a record $194.9 billion, while imports to the United States dropped 1.4 per cent to $229.1 billion.

Canada's imports from the United States grew 2.0 per cent to $27.2 billion and exports to the U.S. rose 0.6 per cent to $30 billion, Statistics Canada reported.

Imports from countries other than the United States fell 3.6 per cent to $13.5 billion, while Canadian exports declined 2.0 per cent to $9.8 billion, with exports to the European Union down 6.4 per cent.

The Canadian trade deficit with countries other than the United States was reduced to $3.7 billion in November from $4 billion in October.

TD Bank economist Leslie Preston said Canadian exports appear to have stalled.

"We now expect trade to be a drag on growth in the fourth quarter, which puts downside risk to our GDP forecast of 2.3 per cent, and reaffirms the Bank of Canada's dovish bias," Preston wrote.

Preston noted the result was inconsistent with the renewed momentum in the U.S. economy.

"We expect these to have positive knock-on effects to demand for Canada's exports as 2014 progresses," Preston said.

Overall, Canadian imports of industrial machinery, equipment and parts rose 8.5 per cent to $3.9 billion in November, while imports of motor vehicles and parts increased 3.4 per cent to $7.4 billion.

Statistics Canada said imports of aircraft and other transportation equipment and parts grew 17.3 per cent to $1.5 billion.

While overall exports were roughly flat for the month, exports of basic and industrial chemical, plastic and rubber products fell 7.0 per cent to $2.8 billion in November, on lower volumes.

Exports of energy products also declined 1.6 per cent to $9.3 billion.

However, exports of motor vehicles and parts rose 9.6 per cent to $6.0 billion.

The Canadian Press


Read more Business News

24241


Recent Trending




Today's Market
S&P TSX15011.00-62.65
S&P CDNX777.33-3.31
DJIA17808.17-6.77
Nasdaq4765.341+7.089
S&P 5002067.93+0.90
CDN Dollar0.8892+0.0008
Gold1197.20+0.10
Oil73.64-0.45
Lumber328.80-0.70
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.185+0.01
Metalex Ventures0.030.00
Russel Metals31.93-0.21
Copper Mountain Mining2.16+0.01
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.32-0.005

 
23744


22970

FEATURED Property
2051806827 STEELE RD
4 bedrooms 3 baths
$499,900
more details
image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24207

24119


Member of BC Press Council


22707