Canada Posts Trade Deficit In November, And It Turns We Had One In October, Too
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.
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.
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.
BMO Capital Markets senior economist Benjamin Reitzes called the November report “bleak, with negatives almost across the board.”
“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.
“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.”
…click on the above link to read the rest of the article…
