Canada has posted its first annual merchandise trade surplus since 2014.
For the month of December, Canada recorded a trade deficit of $137 million, which ended a run of six consecutive monthly surpluses. However, for all of 2021, Canada posted an annual trade surplus of $6.6 billion, its largest since 2008.
Statistics Canada said the result for December came as imports rose and exports fell in the final month of the year and followed a trade surplus of $2.5 billion in November.
Imports for December rose 3.7% to a record $57.7 billion, helped by a 16.2% gain in electronic and electrical equipment and parts. Imports of motor vehicles and parts also rose 5.1%.
Meanwhile, exports fell 0.9% to $57.6 billion in December as exports of energy products fell 5.9%. Crude oil exports fell 5% due to a drop in prices, while coal exports dropped 33.5% due to disruptions in freight transportation in B.C. due to the flooding and landslides.
Statistics Canada said Canada's trade surplus with the U.S. narrowed $8.1 billion in December compared with $9.5 billion in November as exports to the U.S. fell 1.4% and imports from the U.S. rose 2.1%.
Canada's trade deficit with countries other than the United States grew to a record $8.2 billion in December compared with $7.0 billion in November.
