OTTAWA: Canada’s trade deficit with the world narrowed to Can$585 million (US$424 million) in December, as both exports and imports saw double-digit increases in some sectors, the government statistical agency said Friday.
Analysts had forecast a substantial deficit in line with the previous month’s nearly Can$1.6 billion (US$1.2 billion) shortfall. According to Statistics Canada, exports increased 3.9 percent in December while imports were up 1.6 percent.
Exports of aircrafts were up 64 percent in the month, while exports of unwrought precious metals and precious metal alloys rose 33 percent, the agency said. Exports of consumer goods, led by pharmaceutical products, as well as passenger cars and light trucks were also up. Partially offsetting these gains was a decline in exports of copper ores and concentrates.
Imports of unwrought precious metals and precious metal alloys, meanwhile, rose 18.4 percent. Canadians also imported more communications and audio and video equipment, consumer goods including clothing and footwear, and crude oil and crude bitumen.
Bilateral trade with the United States continued to climb, resulting in a widening trade surplus with Canada’s neighbor to the south from Can$2.6 billion in November to Can$3.2 billion in December. Imports from Germany also saw an uptick. In 2015, imports increased 4.4 percent while exports decreased 0.9 percent. Consequently, Canada’s annual trade balance went from a surplus to a deficit of Can$23.3 billion last year.
