Close X
Thursday, November 7, 2024
ADVT 
National

Statistics Canada Says The Trade Deficit Narrowed To $2.0 Billion In November

Darpan News Desk The Canadian Press, 06 Jan, 2016 12:20 PM
    OTTAWA — Canada's trade deficit for November was smaller than economists expected as the country's trade surplus with the United States grew.
     
    Statistics Canada said Wednesday that the country's trade deficit with the world narrowed to $2.0 billion in November from $2.5 billion in October.
     
    Economists had expected a deficit of $2.6 billion, according to Thomson Reuters.
     
    Imports fell 0.7 per cent to $45.2 billion in November with the largest drop in electronic and electrical equipment and parts as well as energy products.
     
    Meanwhile, total exports for the month rose 0.4 per cent to $43.3 billion in November.
     
    "Overall, this was a decent report, especially when looking at trade in real terms," TD Bank economist Dina Ignjatovic wrote in a report.
     
    "The rise in export volumes is encouraging and combined with the strong handoff heading into the quarter, net trade should contribute positively to overall growth in the fourth quarter, albeit modestly."
     
    Export volumes gained 0.7 per cent as prices dropped 0.4 per cent, while import volumes fell 1.6 per cent as prices increased 0.9 per cent.
     
    Royal Bank assistant chief economist Paul Ferley said the report provided some tentative optimism that exports have returned to the positive growth column.
     
    "Rising external demand for Canada's exports is a key area that is capable of offsetting the impact of declining energy investment resulting from the slide in oil prices over the past year," Ferley said. 
     
    "Optimism about external trade has been enhanced by the continued solid growth in the U.S. and a weakening Canadian dollar."
     
    The Bank of Canada has been looking an improvement in exports to help drive an economy that has been hurt by lower commodity prices.
     
    The central bank has said that it expects non-resources exports would be the "backbone" of growth, particularly as the U.S. economy strengthens.
     
    Canada's trade surplus with the United States increased to $2.1 billion in November from $1.7 billion in October.
     
    The increase came as exports to Canada's largest trading partner rose 1.3 per cent to $32.5 billion in November, while imports edged down 0.1 per cent to $30.4 billion.
     
    Canada's trade deficit with countries other than the United States narrowed to $4.1 billion for November from $4.2 billion in October.

    MORE National ARTICLES

    Christopher Neil, Convicted Pedophile Dubbed 'Swirl Face' Pleads Guilty In B.C. To 5 Sex Charges

    Christopher Neil, Convicted Pedophile Dubbed 'Swirl Face' Pleads Guilty In B.C. To 5 Sex Charges
    British Columbia man imprisoned in Thailand for sexually assaulting young boys has pleaded guilty in Canada to five sex tourism and pornography charges involving children

    Christopher Neil, Convicted Pedophile Dubbed 'Swirl Face' Pleads Guilty In B.C. To 5 Sex Charges

    Punjabi Singer Lehmber Singh Goes Missing From Mississauga, Ontario

    Punjabi Singer Lehmber Singh Goes Missing From Mississauga, Ontario
    According to police, Lehmber Singh had come from India to perform music. He had about $100 (rpt $100) with him when he went missing from Mississauga on the outskirts of Toronto.

    Punjabi Singer Lehmber Singh Goes Missing From Mississauga, Ontario

    Men Accused Of Running Down B.C. Sheep With Trucks Charged, Say Mounties

    Men Accused Of Running Down B.C. Sheep With Trucks Charged, Say Mounties
    The collision occurred on Oct. 1, on a four-lane stretch of Highway 3, near Keremeos, about 350 kilometres east of Vancouver.

    Men Accused Of Running Down B.C. Sheep With Trucks Charged, Say Mounties

    Experts See More Good Than Bad For Canada's Oilpatch If U.S. Oil Export Ban Ends

    Experts See More Good Than Bad For Canada's Oilpatch If U.S. Oil Export Ban Ends
    The ban came into force when oil shortages were commonplace 40 years ago — a stark contrast to today's U.S. glut, thanks to fracking in shale formations in Texas and North Dakota.

    Experts See More Good Than Bad For Canada's Oilpatch If U.S. Oil Export Ban Ends

    UBC Hires Investigator To Review Its Response To Sexual Assault Complaints

    UBC Hires Investigator To Review Its Response To Sexual Assault Complaints
    The University of British Columbia has hired an independent investigator to review its response to sexual assault and harassment allegations raised by a group of former and current students.

    UBC Hires Investigator To Review Its Response To Sexual Assault Complaints

    Trump, On Jimmy Kimmel's Late-Night Show, Says He's Been 'A Little Bit Divisive' In Gop Race

    Trump, On Jimmy Kimmel's Late-Night Show, Says He's Been 'A Little Bit Divisive' In Gop Race
    In an appearance on Jimmy Kimmel's late-night show Wednesday, the GOP presidential candidate looked relaxed as Kimmel queried him about campaign issues.

    Trump, On Jimmy Kimmel's Late-Night Show, Says He's Been 'A Little Bit Divisive' In Gop Race