Canada's November trade deficit narrows as exports edge up

Reuters

Canada's exports grew for the first time in four months in November, helping cut the trade deficit to C$1.99 billion ($1.41 billion) from C$2.49 billion in October, Statistics Canada said on Wednesday.

November though marked the 15th consecutive monthly trade deficit, reflecting the continuing economic damage caused by low oil prices and a weak Canadian dollar. Analysts polled by Reuters had forecast a shortfall of C$2.60 billion.

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Overall exports grew by 0.4 percent to C$43.25 billion, pushed up by shipments of motor vehicles and parts, metal ores and forestry products. Energy exports slumped by 6.6 percent to hit their lowest since May 2009.

Imports fell by 0.7 percent, with the largest declines in electronic and electrical equipment and parts and energy products.

Exports to the United States, which accounted for 75.2 percent of Canada's global total in November, rose by 1.3 percent while imports slipped by 0.1 percent.

As a result, Canada's trade surplus with the United States grew to C$2.11 billion from C$1.68 billion in October. ($1=$1.41 Canadian)

(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)