Statistics Canada reports $312M merchandise trade deficit for December

Photo: The Canadian Press

Statistics Canada says the country posted a merchandise trade deficit of $312 million in December, the first monthly trade deficit since July. A truck drives past stacked shipping containers in the Port of Montreal, Tuesday, Sept.19, 2023.THE CANADIAN PRESS/Christinne Muschi

Statistics Canada says the country posted a merchandise trade deficit of $312 million in December, the first monthly trade deficit since July.

The result compared with a revised surplus of $1.1 billion in November. The initial reading for November released last month had shown a $1.6-billion surplus.

The report came as total exports fell 1.9 per cent in December to $64.1 billion as shipments of motor vehicles and parts fell 8.2 per cent.

Exports of energy products also fell 3.1 per cent as crude oil exports dropped 4.9 per cent, hurt by lower prices.

Meanwhile, total imports rose 0.2 in December to $64.4 billion. The increase came as imports of consumer goods gained 9.4 per cent, boosted by a 28.1 per cent increase in imports of pharmaceutical products.

In volume terms, total exports fell 0.4 per cent in December while imports rose 1.3 per cent.