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“Canada’s exports declined 3.8% in December, almost entirely on lower exports of energy products, which were down as a result of falling crude oil prices. Imports were up 1.6%, mainly on higher imports of energy products,” Statistics Canada reported and added: “As a result, Canada’s merchandise trade deficit with the world widened from $2.0 billion in November to a record $4.6 billion in December.”

Key takeaways from the press release

  • Exports of energy products fell 21.7% to $6.4 billion in December, the lowest level since July 2016.  
  • Exports of metal and non-metallic mineral products also contributed to the decline in December, down 9.8% to $4.9 billion.
  • Imports of energy products rose 19.7% to $3.3 billion in December.  
  • Imports from countries other than the United States rose 9.2% to a record $19.0 billion in December.