Canada's Overall Trade Deficit Narrows, Surplus With US Widens

2025-01-07 03:10:38

(MENAFN- The Peninsula) AFP

Ottawa: Canada posted a ninth consecutive trade deficit in November, narrowing to Can$323 million (US$225 million), the government statistical agency said Tuesday.

A trade surplus with the United States -- its largest trading partner -- however, widened to Can$8.2 billion (US$5.7 billion).

This comes as US President-elect Donald Trump, citing trade deficits with Canada as an irritant, is threatening to impose crippling tariffs on Canadian imports.

Canadian exports in November, led by Pharmaceutical products and electric vehicle battery packs, increased 2.2 percent while imports rose 1.8 percent in the month, according to Statistics Canada.

Exports of gold, crude oil, and metal ores and non-metallic minerals were up, offset slightly by lower shipments of nickel mattes.

Imports also rose -- led by higher shipments of consumer goods, chemicals, plastic and rubber products, industrial machinery, equipment and parts, and metal and non-metallic mineral products.

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