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Jocelyn Paquet from the National Bank of Canada (NBoC) reviews the Canadian trade numbers in December, which beat expectations. 

Key quotes

“The Canadian trade numbers came in better than expected in December thanks in large part to a rebound in exports, the latter boosted by a 9.5% surge in the energy segment.”

“Excluding the energy category, exports advanced 0.3% in December as several categories benefited from the end of the strike at CN, the largest rail network in the country.” 

“Turning to quarterly data, trade in goods appears to have acted as a drag on growth in Q4 as real exports (-5.5% annualized) fell at a faster pace than real imports (-4.7% annualized).” 

“For 2019 as a whole, the Canadian goods trade deficit totaled C$18.3 billion, the smallest shortfall since 2014. The goods trade surplus with the U.S., meanwhile, came in at C$51.6 billion, the highest since 2008.”