Canada's exports drop 2.3% in Nov 2022

OTTAWA [CANADA]: Canada's merchandise exports decreased 2.3 per cent in November 2022, in large part because of a decline in exports of energy products, according to official figures.

Statistics Canada said on Thursday that imports were down 2.1 per cent, partly on lower imports of consumer goods, reports Xinhua news agency.

As a result, Canada's merchandise trade balance with the world went from a surplus of C$130 million ($104 million) in October to a deficit of C$41 million in November, it added.

According to Statistics Canada, exports of energy products fell 4.7 per cent in November, a fifth consecutive monthly decline.

Notable decreases were observed in several sub-categories. Coal led the way, down 24.3 per cent with lower exports to Asian countries.

Following a 1.8 per cent decline in October, imports of consumer goods were down 5.7 per cent in November.

As was the case in October, imports of pharmaceutical and medicinal products, down 11.5 per cent, decreased the most.

In November, there was a decline in imports of drugs, notably for the treatment of Covid-19, as well as imports in the category "vaccines for human medicine other than for influenza", which includes vaccines, the national statistical agency said.

When international trade in goods and services were combined, exports decreased 1.6 per cent to C$78.5 billion in November, while imports were down 2.1 per cent to C$79.9 billion, it added.