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- Canadian exports fell 2.9% in November, mainly on lower crude oil exports, while imports decreased 0.5%
Canadian exports fell 2.9% in November, mainly on lower crude oil exports, while imports decreased 0.5%
As a result, Canada's merchandise trade deficit with the world widened from $851 million in October to $2.1 billion in November.
Total exports fell 2.9% to $48.3 billion in November, a fourth consecutive monthly decline. Export volumes were down 1.8% while prices fell 1.1%. Exports were down in 8 of 11 sections in November and, as was the case in October, energy products contributed the most to the decline. Exports excluding energy products decreased 1.4%.
Following a 6.7% decline in October, exports of energy products fell 9.2% to $8.4 billion in November. Crude oil exports (-17.7%) led the decrease, driven by a 13.9% drop in prices, which were down for a third consecutive month. Crude oil export volumes were down 4.4% in November. Lower exports of crude oil were partially offset by higher exports of coal to South Korea, China and Viet Nam.
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