Canada’s imports increased by 2.3 per cent in December and exports rose 1.5 per cent, according to Statistics Canada Thursday. As a result, Canada’s merchandise trade deficit with the world widened from $335 million in November to $649 million in December.
Meanwhile, the US goods and services deficit was US$46.6 billion in December, up from a revised US$39.8 billion in November, said the US Census Bureau also Thursday.
International Merchandise Trade, Canada and US: December 2014
Canada’s import volumes increased 2.8 per cent, while prices declined 0.5 per cent. Meanwhile, export volumes rose 3.5 per cent, while prices declined 1.9 per cent. Imports were 7.6 per cent higher in 2014 than in 2013 while exports increased 10.3 per cent. Consequently, Canada’s annual merchandise trade balance with the world swung from a deficit of $7.2 billion in 2013 to a surplus of $5.2 billion in 2014.
In the US, December exports were US$194.9 billion, down US$1.5 billion from November. December imports were US$241.4 billion, up US$5.3 billion from November.