Statistics Canada says merchandise trade deficit narrowed to $1.7 billion in December

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.7 billion in December, the smallest deficit since June, as energy exports rose.

The agency says the result for the final month of the year compared with a deficit of $3.6 billion in November.

Total exports rose 1.5 per cent to $47.3 billion in December as six of the 11 product sections moved higher with energy products up 10.2 per cent at $7.5 billion, boosted by higher crude oil prices.

Non-energy exports edged up 0.1 per cent.

Statistics Canada says total imports fell 2.3 per cent to $49.0 billion in December, the second consecutive monthly decline and the largest drop since May.

In volume terms, exports increased 0.5 per cent, while imports fell 1.5 per cent.

This report by The Canadian Press was first published Feb. 5, 2021.