Canada posts 1st trade deficit since July

By Ovunc Kutlu

ISTANBUL (AA) - Canada posted in December its first trade deficit since July, according to figures released Wednesday by the country's statistical body.

The North American country's merchandise exports decreased 1.9%, recording a second consecutive monthly decline, while imports edged up 0.2% in December, compared to the previous month.

Its trade balance went from a surplus of $1.1 billion in November to a deficit of $312 million in December, Statistics Canada in a statement.

The expectation for the figure was to show a trade surplus of $1.1 billion in December.

"In December, the average value of the Canadian dollar increased 1.5 cents US compared with the average value in November. This represents the largest monthly gain since May 2021," said the statement. "When expressed in US dollars, Canadian exports edged up 0.1% in December 2023, and imports rose 2.3%."

Canada's exports to the US were down 3.4% in December, falling for a third consecutive month. Imports from the US, meanwhile, increased 0.7%.

"As a result, Canada's merchandise trade surplus with the United States narrowed from $11.2 billion in November to $9.2 billion in December," said the statement.