Statistics Canada says Merchandise trade deficit grew to $1.5B in January

OTTAWA – Statistics Canada says the country’s merchandise trade deficit grew to $1.5 billion in January compared with $732 million in December as exports fell.

The agency says merchandise exports fell 2 per cent in January to $48.1 billion, due in part to lower exports of motor vehicles.

Exports of motor vehicles and parts fell 4.1 per cent to $7.3 billion, the lowest level since May 2018, due to lower exports of passenger cars and light trucks.

Statistics Canada says the drop reflected longer temporary shutdowns at certain assembly plants, as well as the closure of the General Motors plant in Oshawa, Ont.

Imports dropped 0.5 per cent to $49.6 billion.

Imports of consumer goods were down 6.3 per cent as imports of pharmaceutical products fell 26.1 per cent.

This report by The Canadian Press was first published March 6, 2020.