{"id":37620,"date":"2015-01-08T00:19:04","date_gmt":"2015-01-07T16:19:04","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=37620"},"modified":"2015-01-08T00:19:04","modified_gmt":"2015-01-07T16:19:04","slug":"canada-posts-trade-deficit-with-the-world-in-november-statistics-canada","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/01\/08\/canada-posts-trade-deficit-with-the-world-in-november-statistics-canada\/","title":{"rendered":"Canada posts trade deficit with the world in November: Statistics Canada"},"content":{"rendered":"
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OTTAWA — Canada had a larger-than-expected trade deficit in November as a drop in crude oil and bitumen led a broad decline in exports.<\/p>\n

Statistics Canada said Wednesday that the country posted a merchandise trade deficit of $644 million in November compared with a deficit of $300 million that had been expected by economists, according to Thomson Reuters.<\/p>\n

The federal agency also revised its results for October to show a deficit of $327 million, compared with an initial reading of a $99-million surplus.<\/p>\n

BMO Capital Markets senior economist Benjamin Reitzes called the November report “bleak, with negatives almost across the board.”<\/p>\n

“While trade performed solidly in 2014 as a whole, it’s not ending the year in particularly good shape,” Reitzes wrote in a note to clients.<\/p>\n

“And, the trade deficit is likely to worsen materially due to the steep drop in energy prices, suggesting it will be some time before we see another surplus.”<\/p>\n

The price of oil has been sliding lower since last summer.<\/p>\n

The U.S. benchmark price broke below US$50 a barrel this month and has been trading at levels not seen in nearly six years in recent days.<\/p>\n

Canada’s overall merchandise imports fell 2.7 per cent in November, while exports fell 3.5 per cent. Exports totalled $43.3 billion in November — the lowest level since last April — while imports amounted to $43.9 billion, which is the lowest level since July.<\/p>\n

Statistics Canada said exports of energy products fell 7.8 per cent to $9.5 billion in November, marking the sixth consecutive monthly decrease.<\/p>\n

Crude oil and crude bitumen fell 9.9 per cent to $6.9 billion, as prices fell 6.7 per cent and volumes dropped down 3.4 per cent.<\/p>\n

However, energy was not the only sector to fall as nine of 11 sectors headed lower for the month.<\/p>\n

Metal and non-metallic mineral products dropped 8.3 per cent to $5.0 billion.<\/p>\n

Imports from the United States fell 2.1 per cent to $29.9 billion in November, while exports were down 2.6 per cent to $32.9 billion, narrowing Canada’s trade surplus with that country to $2.9 billion in November from $3.2 billion in October.<\/p>\n

Exports to other countries fell 6.2 per cent to $10.4 billion, while imports were down 4.2 per cent to $14.0 billion, widening that trade deficit to $3.6 billion in November from $3.5 billion in October.<\/p>\n","protected":false},"excerpt":{"rendered":"

OTTAWA — Canada had a larger-than-expected trade deficit in November as a drop in crude oil and bitumen led a …<\/p>\n","protected":false},"author":44,"featured_media":9997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,18],"tags":[],"class_list":["post-37620","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news-ca","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/37620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=37620"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/37620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/9997"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=37620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=37620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=37620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}