Canada’s merchandise exports increased 3.2%, while imports declined 0.8%. As a result, Canada’s trade balance with the world went from a deficit of $487 million in October to a surplus of $1.1 billion in November.
Exports rose to $40.1 billion, as most sectors posted gains. Prices increased 1.7%, led by energy products, while volumes rose 1.6%, largely the result of automotive products.
Imports declined to $39.0 billion, as both volumes and prices fell. The overall decline in imports was attributable to lower imports of automotive products, as well as industrial goods and materials. The decline was partially offset by an increase in energy products.
Canada’s trade surplus with the United States increased from $3.5 billion in October to $4.6 billion in November. Exports to the U.S. rose 1.9% to $28.6 billion, on the strength of energy products. Imports from the U.S. declined 2% to $24.0 billion, largely the result of lower imports of automotive products.
Exports to countries other than the United States rose 6.7% to $11.5 billion, mainly the result of higher exports to the European Union. Imports from countries other than the United States increased 1.3% to $15.0 billion, the fourth consecutive monthly gain. Canada’s trade deficit with countries other than the United States narrowed from $4.0 billion in October to $3.5 billion in November.