Canada’s trade deficit narrowed sharply to Can$1.7 billion (US$1.3 billion) in December from Can$3.6 billion in November, as Canadians bought less foreign goods, the government statistical agency said Friday

Ottawa, (UrduPoint / Pakistan Point News – 5th Feb, 2021 ) :Canada’s trade deficit narrowed sharply to Can$1.7 billion (US$1.3 billion) in December from Can$3.6 billion in November, as Canadians bought less foreign goods, the government statistical agency said Friday.

Exports in the month rose 1.5 percent to Can$47.3 billion led by sales abroad of energy products, while imports fell 2.3 percent to Can$49.0 billion mainly due to lower imports of consumer goods, Statistics Canada said in a statement.

For the year 2020, Canada‘s trade deficit totalled Can$36.2 billion, more than double the deficit observed in 2019.

Exports last year fell 12.3 percent and imports were down 8.6 percent — both figures significantly better than the last economic downturn in 2009.

In December, oil exports were up on higher prices, while diesel fuel exports to the United States surged.

But overall energy exports for the year were still down 36.5 percent.

Imports of consumer goods, meanwhile, fell eight percent in December. After posting relatively low levels in early 2020, imports of consumer goods rose for seven consecutive months and posted record highs in the last four of these months.

A steady increase in imports of Covid-19 personal protective equipment, along with products such as clothing, appliances, furniture and pharmaceutical products helped offset the overall December decline.

Canada’s trade surplus with the United States, its neighbor and largest trading partner, meanwhile, widened to Can$2.8 billion in December, from Can$2.2 billion in November.

For the year 2020, exports to the United States dropped 15.6 percent compared with the previous year, while imports from the United States fell 11.0 percent.

From : www.urdupoint.com

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