Trade Deficit

Canada faced its first monthly trade deficit since 1976 in December thanks to a major drop in exports, Statistics Canada reported.

Published: Wednesday, 02/18/2009 12:00 am EST

Canada faced its first monthly trade deficit since 1976 in December thanks to a major drop in exports, Statistics Canada reported. Canadian exports dropped 9.7 per cent to $35.3 billion in the month of December. It was the largest single-month percentage decline since October 1982. The overall trade deficit was $458 million, while just one month earlier, in November, the trade surplus was $1.2 billion. "These trade numbers are conditioned by a couple of factors, obviously the weakness in world trade markets and the sudden drop in the value of Canadian exports," Prime Minister Stephen Harper told the House of Commons.

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