Canada's exports grew for the first time in four months in November, helping cut the trade deficit to $1.99 billion from $2.49 billion in October
Figures released Wednesday morning by Statistics Canada revealed a November that brought with it the 15th consecutive monthly trade deficit, reflecting the continuing economic damage caused by low oil prices and a weak Canadian dollar. Analysts had forecast a shortfall of $2.6 billion.
Overall exports grew by 0.4% to $43.25 billion, pushed up by shipments of motor vehicles and parts, metal ores and forestry products. Energy exports slumped by 6.6% to hit their lowest since May 2009.
Imports fell by 0.7%, with the largest declines in electronic and electrical equipment and parts and energy products.
On the other hand, exports to the United States, accounting for 75.2% of Canada's global total in November, rose 1.3% while imports slipped by 0.1%.
As a result, Canada's trade surplus with its stateside neighbourhood grew to $2.11 billion from $1.68 billion in October.
