ZCZC
BCN-09
CANADA-TRADE
Canada trade deficit narrows to Can$3.3 bln in November
OTTAWA, Jan 8, 2021 (BSS/AFP) – Canada’s trade deficit narrowed to Can$3.3 billion (US$2.6 billion) in November, as demand for gold from the world’s fifth largest producer jumped, the national statistical agency said Thursday.
Following large swings throughout last year, trade activity slowed in the month, posting the smallest monthly percentage change so far in 2020, Statistics Canada said.
The deficit, it said, fell from Can$3.7 billion in October.
Total exports increased 0.5 percent to Can$46.8 billion, led by large gold shipments to Britain, but were still below pre-pandemic levels.
A rise in sales of gold bullion bars, and gold transfers within the banking system were behind the surge, according to Statistics Canada.
Canada also exported more copper ores and iron ores, as prices and foreign demand rose and other countries had supply issues.
Those increases were partly offset by lower exports of motor vehicles and parts, and lumber.
Total imports, meanwhile, edged down 0.3 percent to Can$50.1 billion on lower industrial machinery, equipment and parts sales abroad. This was the first decline after five consecutive months of growth.
Imports of aircraft were also up.
Trade in November with countries other than the United States — Canada’s neighbour and largest trading partner — was up 2.1 percent, reaching a record Can$33.1 billion, while trade with the United States weakened to its lowest level since June.
Exports to the United States fell 2.2 percent in November, while imports edged up 0.3 percent.
As a result, Canada’s trade surplus with the United States narrowed from Can$3.1 billion in October to Can$2.3 billion in November.
BSS/AFP/MMA/1020HRS