Canada slips into surprise trade deficit in ominous sign that demand is weakening via financialpost
Coal dropped 24.3 per cent from October, natural gas fell 13.1 per cent, refined petroleum products fell 7.9 per cent and crude oil/bitumen declined 1.8 per cent. Prices played a significant role, but Capital Economics economist Stephen Brown noted that export volumes declined 1.4 per cent, an ominous sign as it signals weaker demand for exports, an important driver of Canadian economic growth.
Statistics Canada last month forecast a month-over-month increase in gross domestic product for November of 0.1 per cent whenAnother sour note in the trade data was the 6.4 per cent drop in exports of automotive parts, the third. Including this most recent drop, Desjardins estimates that international shipments are now 20.4 per cent below pre-pandemic levels.Article content
“The conflict in Ukraine has certainly stimulated demand for these crops, but the massive increase in exports would not have been possible without the particularly good harvest experienced last summer,” she wrote.'My batteries are fully charged': Innovation minister wants Canada to be an EV superpower
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