OTTAWA, Ont. — Canada’s merchandise exports fell for the first time in nine months in November as record energy prices cooled off, Statistics Canada records reveal.
However, if energy products were excluded, exports would have risen slightly, boosted by increased shipments of automobiles (a good sign for trucking) and metal ores.
Exports slipped 2.0% to $39.7 billion from the record high revised level of $40.5 billion in October.
Again, exports of natural gas were the key factor, declining 18.5% to $3.7 billion, which followed four consecutive monthly increases. Natural gas prices and volumes each retreated 10.0%. Much of these declines can be attributed to American natural gas production coming back online in the wake of back-to-back hurricanes in the Gulf Coast.
Canada’s merchandise imports, which stood at a record high $32.9 billion in October, remained relatively stable in November, edging down 0.1% to $32.8 billion.
Exports to the United States fell back 1.6% from October’s record high of $33.3 billion. Imports were down 0.1%. Canada’s trade surplus with the United States fell from $11.5 billion in October to $11.0 billion in November.
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