Canada’s merchandise exports decreased 2.3 per cent in November, in large part because of a decline in exports of energy products. Meanwhile, imports were down 2.1 per cent, partly on lower imports of consumer goods, reported Statistics Canada on Thursday.
“As a result, Canada’s merchandise trade balance with the world went from a surplus of $130 million in October to a deficit of $41 million in November. Merchandise trade was thus essentially in balance in November, with the deficit representing 0.03 per cent of total merchandise trade for the month. These recent narrow trade balances are within the typical bounds for monthly revisions to imports and exports,” said the federal agency.
“A large proportion of import and export transactions are completed in US dollars and must be converted to Canadian dollars to compile monthly trade statistics. When the Canadian dollar appreciates against the US dollar, converted monthly trade values in Canadian dollars are lower.
“In November, following two months of declines, the average value of the Canadian dollar increased 1.4 cents US compared with the average value in October. This represents the largest monthly gain for the dollar since October 2021. When expressed in US dollars, Canadian exports were down 0.5 per cent in November, and imports decreased 0.2 per cent.”
StatsCan said total exports fell 2.3 per cent in November to $64.4 billion. Declines were observed in eight of the 11 product sections, with exports of energy products leading the decreases. Excluding energy products, exports were down 1. 5 per cent. In real (or volume) terms, total exports declined 1.4 per cent in November.
Total imports decreased 2.1 per cent in November to $64.4 billion. Declines were observed in eight of the 11 product sections. In real (or volume) terms, total imports were down 0.7 per cent, a third consecutive monthly decrease, added the federal agency.
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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