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Canada trade deficit jumps as imports rise
January 12, 2013
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OTTAWA: Canada’s trade deficit unexpectedly jumped to C$1.96 billion ($2.00 billion) in November from C$552 million in October as imports rose and exports fell, Statistics Canada data indicated on Friday.

The deficit, the fourth-largest on record, was much greater than the C$600 million shortfall analysts had expected and reflects the problems of exporters faced with weak markets and a strong Canadian dollar.

Imports rose 2.7 per cent on higher shipments of electronic and electrical equipment, in particular cellular phones, as well as motor vehicles and parts. Volumes grew 2.2 per cent from October.

Exports dropped 0.9 per cent on lower demand for farm, fishing and food products and metal and non-metallic mineral products. Volumes rose 0.4 per cent from the previous month.

Exports to the United States, which took 75.5 per cent of all Canadian exports in November, grew 3.9 per cent while imports were up by 1.7 per cent. As a result, Canada’s trade surplus with the United States increased to C$3.34 billion from C$2.69 billion in October.

Exports to countries other than the United States fell by 13.4 per cent to C$9.21 billion, the lowest level since September 2010. Imports rose 4.6 per cent to C$14.51 billion, resulting in a record deficit of C$5.30 billion.

Imports rose 2.7 per cent on higher shipments of electronic and electrical equipment, in particular cellular phones, as well as motor vehicles and parts. Volumes grew 2.2 per cent from October.

Canadian exports to its biggest market, the United States, increased by almost 4 per cent, but those to other markets plunged 13.4 per cent, hitting their lowest point since September, 2010.

Agencies

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