Canada’s trade deficit increased to $3.2 billion in December as record imports outpaced the growth in exports, Statistics Canada said Tuesday.
The result compared with a deficit of $2.7 billion in November, while economists had expected a deficit of $2.2 billion, according to Thomson Reuters.
“We’re looking for a bit more from exports in the year ahead, so hopefully December wasn’t a sign of things to come,” CIBC economist Nick Exarhos wrote in a note to clients.
The shortfall came as exports rose 0.6 per cent to $46.5 billion driven by commodities. Energy products rose 6.2 per cent to $8.5 billion, while metal and non-metallic mineral products climbed 7.7 per cent to $5.6 billion. Click here to read more.