OTTAWA – Statistics Canada says the country’s merchandise trade surplus narrowed to $1.6 billion in November as imports rose and exports fell.

The result compared with a revised surplus of $3.2 billion in October. The initial reading for October released last month had been for a surplus of $3.0 billion.

For November, total imports rose 1.9 per cent, helped by an 11.6 per cent increase in imports of energy products, boosted by imports of uranium from Kazakhstan.

Imports of refined petroleum energy products also rose 18.8 per cent, on higher imports of gasoline and aviation fuel from the United States

Meanwhile, total exports fell 0.6 per cent in November as exports of metal and non-metallic mineral products dropped 6.5 per cent, mainly on lower exports of unwrought gold, silver, and platinum group metals. Exports of aircraft and other transportation equipment and parts fell 16.8 per cent.

In volume terms, total imports in November were up 1.6 per cent, while exports were down 0.1 per cent.

This report by The Canadian Press was first published Jan. 9, 2024.

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