According to a report from Statistics Canada, Canada’s merchandise exports decreased by 2.3% in November 2022, mainly due to a decline in exports of energy products. This marks the fifth consecutive month of decline for energy exports, with a notable decrease of 24.3% in coal exports to Asian countries. Imports also saw a decrease, down 2.1%, with a significant drop of 5.7% in imports of consumer goods. This resulted in a shift from a merchandise trade surplus of CAD 130 million in October to a deficit of CAD 41 million in November.
Furthermore, when international trade in goods and services was combined, exports decreased 1.6% to CAD 78.5 billion in November, while imports decreased 2.1% to CAD 79.9 billion. The decline in imports was attributed to a decrease in pharmaceutical and medicinal products, down 11.5%, with a particular decrease in drugs for treating Covid-19 and vaccines for human medicine other than influenza.
Overall, these figures demonstrate a negative impact on Canada’s trade performance in November 2022. The decline in energy exports and imports of consumer goods, as well as a decrease in pharmaceutical imports, all contributed to the negative trade balance. It will be essential to monitor these trends in the coming months to understand their potential impact on the Canadian economy.
In conclusion, Canada’s merchandise exports decreased significantly in November 2022 due to a decline in energy exports and a drop in imports of consumer goods and pharmaceutical products. This resulted in a negative trade balance and a decrease in both exports and imports of goods and services. It will be essential to continue monitoring these trends to understand their potential impact on the Canadian economy.
