Canada's merchandise trade balance slipped into a small deficit in November as energy exports fell amid lower prices, Statistics Canada said Thursday.
The agency said trade balance came in at a deficit of $41 million for November compared with a revised surplus of $130 million in October.
"However, there are some signposts of weakening global and domestic demand as well, particularly the decline in imports of toys and games suggesting that more discretionary goods spending is weakening in line with the rise in interest rates," Grantham wrote in a report. Meanwhile, imports fell 2.1 per cent in November to $64.4 billion as consumer goods imports fell 5.7 per cent, weighed down by a 11.5 per cent drop in pharmaceutical and medicinal products. Imports of miscellaneous goods and supplies also fell 9.6 per cent, partly because of lower imports of toys and games.In volume terms, total exports fell 1.4 per cent in November, while imports were down 0.7 per cent.
The country's merchandise trade surplus with the U.S. was $7.3 billion in November compared with $8.6 billion in October as exports to the U.S. fell 2.6 per cent and imports from edged down 0.1 per cent.
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