January 17th, 2021

Statistics Canada reports merchandise trade deficit fell to $3.3B in November

By The Canadian Press on January 7, 2021.

Shipping containers are seen at the Fairview Cove Container Terminal in Halifax on August 25, 2017.THE CANADIAN PRESS/Andrew Vaughan

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.

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