By The Canadian Press on January 7, 2021.
OTTAWA – Statistics Canada says the country’s merchandise trade deficit fell to $3.3 billion in November as exports rose and imports pulled back.
The result for November followed a revised deficit of $3.7 billion for October compared with the initial reading of $3.8 billion.
Economists on average had expected a deficit of $3.5 billion for November, according to financial data firm Refinitiv.
Statistics Canada says total exports for November rose 0.5 per cent to $46.8 billion, $1.5 billion below the pre-COVID-19-pandemic mark set in February.
The increase was helped by an 11.6 per cent increase in exports of metal and non-metallic mineral products as exports of refined gold to the United Kingdom surged higher.
Total imports fell 0.3 per cent in November to $50.1 billion, but remained above pre-pandemic levels, as imports of industrial machinery, equipment and parts decreased 3.9 per cent.
This report by The Canadian Press was first published Jan. 7, 2021.