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February 9, 2018
Canada's trade deficit widened to $3.2 billion in December
Statistics Canada announced that the country's merchandise trade deficit with the world totalled $3.2 billion in December, widening from a $2.7 billion deficit in November.
The federal agency reports that total imports increased 1.5% to a record $49.7 billion. Imports of energy products were up 16.9% to $3.0 billion. Imports of industrial machinery, equipment and parts also contributed to the overall gain in December, up 6.3% to $5.0 billion. Following two strong monthly increases, imports of aircraft and other transportation equipment and parts were down 23.4% to $1.7 billion.
Total exports rose for the third consecutive month, up 0.6% to $46.5 billion. Exports of energy products rose 6.2% to $8.5 billion, the fifth consecutive monthly increase. Also contributing to the overall increase in December were higher exports of metal and non-metallic mineral products, up 7.7% to $5.6 billion.
On a per country basis, imports from the United States fell 1.3% to $31.5 billion in December, while exports to the United States were down 0.8% to $34.9 billion. Canada's trade surplus with the United States widened slightly from $3.3 billion in November to $3.4 billion.
Imports from countries other than the United States rose 6.8% to $18.2 billion in December, notably on higher imports of passenger cars and light trucks from Germany as well as refined petroleum energy products from the Netherlands. Exports to those countries rose 4.9% to $11.6 billion in December, led by Japan (aircraft), India (potash), the United Kingdom (unwrought gold) and Hong Kong (also unwrought gold). As a result, Canada's trade deficit with countries other than the United States widened from $6.0 billion in November to $6.6 billion in December.
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