Current account deficit down in Q4: Statistics Canada

Energy helped reduce the trade in goods deficit.

February 28, 2013

OTTAWA — Statistics Canada says the seasonally adjusted current account deficit fell $800 million to $17.3 billion in the fourth quarter of 2012.

A reduction in the goods deficit was partly offset by an increase in the investment income deficit.

The deficit on trade in goods fell by $2.3 billion to $2.8 billion, largely due to increased exports of energy products and farm, fishing and intermediate food products.

The goods surplus with the US was up $2 billion on stronger exports in the fourth quarter, although for the year 2012, it was down $6.8 billion to $42.1 billion.

The deficit on goods with all other countries hit a record $54 billion in 2012, up $6 billion from 2011.

The deficit on trade in services was reduced by $100 million in the fourth quarter from a high of $6.2 billion the previous quarter, although for 2012 as a whole this deficit reached a new high at $24.6 billion, mostly on the travel account.