In November, Canada's merchandise exports decreased 2.3%, in large part because of a decline in exports of energy products. Meanwhile, imports were down 2.1%, partly on lower imports of consumer goods. 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.
Total exports fell 2.3% in November to $64.4 billion. Declines were observed in 8 of the 11 product sections, with exports of energy products leading the decreases.
Total imports decreased 2.1% in November to $64.4 billion. Declines were observed in 8 of the 11 product sections. In real (or volume) terms, total imports were down 0.7%, a third consecutive monthly decrease.
Imports from countries other than the United States decreased 5.3% in November, the strongest drop since January 2022. This decline was led by lower imports from China (various products), coinciding with the heightened COVID-19 restrictions that were in place in that country prior to a shift in policy that took place in December. There were also notable decreases in imports from Belgium (pharmaceutical products) and South Korea (various products).
Exports to countries other than the United States were down 1.3% in November. Decreases in exports to Japan (various products), China (copper, wheat, and pulse crops), South Korea (iron ores and copper ores) and other countries were partially offset by a strong increase in exports to the United Kingdom (gold).
Canada's trade deficit with countries other than the United States narrowed from $8.4 billion in October to $7.3 billion in November.
Exports to the United States decreased 2.6% in November, while imports from that country edged down 0.1%. As a result, the merchandise trade surplus with the United States narrowed for a sixth consecutive month, moving from $8.6 billion in October to $7.3 billion in November.
This is an excerpt from the 05 January 2023 edition of The Daily from Statistics Canada.