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Canada’s trade deficit increases in November 2013

Published by Frank Defalco on January 07, 2014

OTTAWA - Imports were up slightly and exports stayed the same according to Statistics Canada’s international merchandise trade report for November 2013, increasing Canada's trade deficit from $908 million in October to $940 million in November.

“The global economic forecast is cautiously optimistic. The US is slated to experience stronger economic growth so we should see better export numbers going forward,” explains Jayson Myers, president and CEO of CME.

Imports were up based on price increases, as volumes remained unchanged. Most section experienced increases but were offset by large decreases in basic and industrial chemical, plastic and rubber products, as well as in energy products. General-purpose machinery and equipment, and agricultural, lawn and garden machinery and equipment lead the increases.

Exports remained unchanged as decreases in volume were offset by price increases. Lubricants and other petroleum refinery products, as well as basic chemicals were the main contributors to decreases in exports. Exports in motor vehicles and parts helped somewhat to offset the decrease.

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Found in: Stats Canada news

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