Net foreign debt down $98.1 billion in fourth quarter: StatsCan

OTTAWA – Statistics Canada says the country’s net foreign debt was reduced by $98.1 billion in the fourth quarter.

The agency says this put Canada into a net asset position of $26.7 billion.

It says the decline in net debt was attributable to relatively stronger foreign equity markets and a weaker Canadian dollar, which raised the value of Canada’s international assets more than it increased the value of international liabilities.

During 2013, Canada’s overall net international investment position increased by $328.8 billion, despite an ongoing current account deficit.

Canada’s net foreign indebtedness with the United States decreased by $176.4 billion to $280 billion at the end of 2013.

At the same time, Canada’s net asset position with the aggregate “other countries” increased by $152.4 billion to $306.7 billion.