Canada’s trade deficit widens in January
Statistics Canada reports exports fell 2.8% while imports were largely unchanged.
OTTAWA — Statistics Canada says the country’s merchandise trade deficit with the world grew to $2.5 billion in January from $1.2 billion in December – the largest since the record $2.9-billion deficit in July 2012.
Economists had expected a deficit of $1 billion, according to Thomson Reuters.
The agency says the deficit increased as exports fell 2.8% in January while imports were largely unchanged from December.
Statistics Canada says export prices fell 1.5% because of lower energy prices, while volumes were down 1.3%.
Import prices rose 0.1% and volumes were down 0.1%.
Imports from the US were down 0.1% to $30.5 billion in January, while exports fell 3.1% to $31.8 billion, narrowing Canada’s trade surplus with that country to $1.2 billion in January from $2.2 billion in December.
Exports to other countries were down 1.9% to $10.9 billion in January, while imports were up 0.2% to $14.5 billion, widening the trade deficit with the rest of the world to $3.7 billion in January from $3.4 billion in December.
© 2015 The Canadian Press