(Ottawa) Canada’s merchandise exports fell 2.3% last November, largely the result of a 4.7% drop in exports of energy products to $64.4 billion. S, as observed by Statistics Canada.
Exports of consumer goods fell 6.3% in November.
Meanwhile, imports fell 2.1%, partly due to a 5.7% drop in imports of consumer goods.
As a result, Canada’s merchandise trade balance with the rest of the world fell from a $130 million surplus in October to a $41 million deficit in November.
Imports from countries other than the United States fell 5.3% in November, the largest drop since January 2022. This decrease was mainly due to lower imports from China which coincided with the increase in COVID-19 related restrictions that were in place in that country.
Meanwhile, exports to countries other than the United States fell 1.3% in November. As a result, Canada’s trade deficit with countries other than the United States narrowed from $8.4 billion in October to $7.3 billion in November.
Exports to the United States fell 2.6% in November, while imports from Canada’s main trading partner edged down 0.1%. As a result, the merchandise trade surplus with the United States narrowed for a sixth consecutive month, from 8.6 billion in October to 7.3 billion in November.