February 9, 2024
Statistics Canada announced that the country's merchandise exports decreased 1.9% in December, while imports edged up 0.2%.
As a result, Canada's merchandise trade balance with the world went from a surplus of $1.1 billion in November to a deficit of $312 million in December, the first monthly trade deficit since July.
The Federal agency notes that the drop in December exports was a second consecutive monthly decline. Decreases were observed in 7 of the 11 product sections. Exports of motor vehicles and parts were down 8.2% in December and exports of energy products fell 3.1%.
Total imports were up 0.2% in December, despite declines in 8 of the 11 product sections. Imports of consumer goods posted the largest gain. Excluding this product section, imports were down 2.0% in December.
Exports to the United States were down 3.4% in December, falling for a third consecutive month. Meanwhile, imports from the United States increased 0.7%. As a result, Canada's merchandise trade surplus with the United States narrowed from $11.2 billion in November to $9.2 billion in December.
Exports to countries other than the United States were up 3.3% in December. Gains were observed in exports to Italy (aircraft and pharmaceutical products), Hong Kong (unwrought gold), Norway (nickel) and Australia (aircraft). Imports from countries other than the United States were down 0.6%, due in part to lower imports from the United Kingdom (unwrought gold).
Canada's trade deficit with countries other than the United States narrowed from $10.1 billion in November to $9.5 billion in December.