Canada in Deficit

February 11, 2010

Financial district in Toronto
by Faramarz Hashemi

A record trade deficit was reported in our country in the last month of 2009, Statistics Canada has announced yesterday. The deficit on December was $246 million and it correspondingly finished the first annual trade deficit of Canada since 1975. The shortfall in November was $201 million. Overall, in 2009, the trade deficit was $4.8 billion. Just for comparison, in 2008 there was a $46.9 billion surplus.

Regarding imports in our country, those increased in December, by 1.8 percent, to $32.4 billion. The biggest, 6 percent rise was in automobile products. There was a 3 percent growth in industrial goods and energy imports increased by 5.4 percent. Exports rose too in December, to $32.2 billion. The most significant increase, of 8.1 percent, was, again, in automobiles.

The deficit results are not really great. Let’s not be pessimistic, though. It is not likely that Canada will remain in deficit for a long time. And the import/export results are quite positive indeed.
 

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