Statistics Canada says trade deficit hit record $4.6 billion in December

OTTAWA – Statistics Canada says the country’s merchandise trade deficit grew to a record $4.6 billion in December as lower crude oil prices prompted a drop in exports.

The result followed a trade deficit of $2.0 billion in November.

Exports were down 3.8 per cent to $46.3 billion in December.

Exports of energy products fell 21.7 per cent to $6.4 billion in December, the lowest level since July 2016. Excluding energy products, exports were essentially unchanged in December.

Total imports rose 1.6 per cent to $50.9 billion in December.

Imports of energy products rose 19.7 per cent to $3.3 billion while imports of motor vehicles and parts were up 4.0 per cent to $9.4 billion in December.