Canada: Goods trade balance dipped a toe into deficit waters in November – CIBC – by MSalordFX Canada TradeBalance Banks
at CIBC point out that while the goods trade balance deteriorated slightly, the deficit in services narrowed to more than offset that move, with services exports rising during the month but imports declining. The overall trade deficit narrowed modestly to -$1.5bn in November, from -$1.9bn in the prior month, they reported.“Canada's goods trade balance dipped a toe into deficit waters in November, with the $0.04bn shortfall coming against consensus expectations for a modest surplus of $0.5bn.
“Weakness in exports and imports during November appear to largely reflect lower energy prices and monthly volatility within areas such as pharmaceutical products. However, there are some signposts of weakening global and domestic demand as well, particularly the decline in imports of toys and games suggesting that more discretionary goods spending is weakening in line with the rise in interestInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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