TORONTO: Canada’s latest trade numbers suggest the economy may be weathering the oil shock better than expected, despite the deep damage being inflicted on the energy sector.
Statistics Canada estimated that Canada’s trade deficit widened modestly to $649-million in December, from a revised $335-million in November (originally reported as $644-million). But the good news was that, despite a sharp decline in energy exports, the country’s total exports rose 1.5 per cent in the month compared with November. They were outpaced by a 2.3-per-cent rise in imports – evidence that both domestic and foreign demand improved.
