Canada Trade Deficit Widens in December to C$3.19 Billion
By Paul Vieira
OTTAWA--Canada's trade deficit widened in December as imports climbed to a record level and export growth slowed markedly from the previous month.
Canada's merchandise trade deficit in December increased from the previous month to a seasonally adjusted 3.19 billion Canadian dollars ($2.55 billion), or the seventh-largest on record, Statistics Canada said Tuesday. The deficit was well above the market consensus for a C$2.25 billion shortfall for December, according to economists at Royal Bank of Canada.
The trade deficit for November was revised higher, to C$2.71 billion from the original C$2.54 billion estimate.
Imports rose 1.5% in December to a record C$49.70 billion, led by energy products and industrial machinery. Exports rose 0.6% to C$46.51 billion following a 3.6% advance in the previous month, also led by energy. Excluding energy products, Canadian exports fell 0.6%.
On a price-adjusted, or volume, basis, imports increased 1%, while exports were "essentially unchanged," the data agency said.
Write to Paul Vieira at email@example.com
(END) Dow Jones Newswires
February 06, 2018 08:45 ET (13:45 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.