The decline of oil prices is eating into Canada’s hopes for improving exports, as the value of crude oil and bitumen exports declined by a whopping 23 per cent in the past year.
In January, Canada’s trade gap widened to $2.5 billion — the largest deficit since July 2012, Statistics Canada reported on Friday.
Overall, exports were down 2.8 per cent from a year earlier to $42.6 billion, while imports were virtually unchanged at $45.1 billion.
The hit mainly came from a drop in energy products, which were down 14 per cent from the previous year, but there also was an eight per cent drop in metal and mineral exports. Click here to read more.