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Canada posts surprise trade deficit as cars and crude weigh on exports
OTTAWA (Reuters) -Canada posted a surprise trade deficit of C$312 million ($231.5 million) in December, as exports were dragged down by cars and crude oil while imports edged up due to a record rise in consumer goods, data showed on Wednesday. This was the first monthly trade deficit since...
Canada posted a surprise trade deficit of C$312 million ($231.5 million) in December, as exports were dragged down by cars and crude oil while imports edged up due to a record rise in consumer goods, data showed on Wednesday.
Canada posts surprise trade deficit as cars and crude weigh on exports
Analysts in a Reuters poll had forecast a C$1.1 billion surplus. November's surplus was downwardly revised to C$1.06 billion from C$1.57 billion reported initially.
Total exports fell 1.9% in December, the second consecutive decline, while imports were up 0.2%, it said.
The fall in total exports was led by an 8.2% drop in exports of motor vehicles and parts, which contributes more than a fifth to Canada's total exports.
A part of the drop was attributed to the phasing out of production of some car models in Canada, which will be replaced by electric vehicles in future, Statscan said.
A near 7% fall in the price of crude oil also added to the drop, as energy contributes a fourth to total exports.
汽车和石油出口拉垮？
美国已经悄悄成为世界最大能源产国。没有输油管道未来能源卖哪里
