Canada's international merchandise trade deficit narrowed on a monthly basis in November 2019 as imports fell more than exports, data from Statistics Canada showed.
The country's seasonally adjusted merchandise trade deficit shrank to C$1.09 billion in the month from a revised C$1.61 billion in October 2019. The consensus estimate of economists polled by Econoday was for a trade deficit of C$1.1 billion.
Imports declined 2.4% month over month to C$49.78 billion, led by a 13.8% slump in imports of aircraft and other transportation equipment and parts. Imports of energy products were down 7.5%. In all, 10 out of 11 product sections recorded declines in imports.
Meanwhile, exports slid 1.4% to C$48.70 billion, dragged by a 7.4% fall in energy exports. The overall decrease was partially stemmed by exports of metal and non-metallic mineral products, which rose 7.3% to hit a record in November 2019. Overall, seven of 11 product sections recorded a decrease.
On an annual basis, the country's exports increased 1.9% in November 2019 while imports slipped 0.3%.
Canada's trade balance with the U.S. stood at C$4.18 billion in November 2019, down from C$5.05 billion in the prior month. Elsewhere, the trade balance with the U.K. rose to C$1.54 billion from C$1.17 billion as exports reached a record.