Canada’s merchandise trade deficit narrows

In December, Canada’s merchandise exports decreased 1.2%, mostly on lower exports of energy products. Meanwhile, imports were down 1.3%, mainly driven by lower imports of consumer goods. As a result, Canada’s merchandise trade deficit with the world narrowed from $219 million in November to $160 million in December, reported Statistics Canada on Thursday.

The federal agency said total exports fell 1.2% to $63.0 billion in December, the lowest level since February 2022. Declines were observed in 7 of the 11 product sections, with exports of energy products leading the decreases. However, excluding energy products, exports posted an opposite movement, increasing by 0.8%. Total exports in real (or volume) terms were also up, rising 0.9% in December, it said.

(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)