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Dec Posts First Trade Deficit In 5M, But Q4 Suggests Growth

CANADA DATA
  • Canada Dec trade deficit -CAD0.3B.
  • Exports -1.9% MOM led by energy; imports +0.2% vs +1.9% in Nov.
  • In Dec CAD average value increased 1.5 cents US MOM, the largest monthly gain since May 2021, impacting balances.
  • Excluding US, trade deficit narrowed to -CAD9.5B from -CAD10.1B in Nov as exports +3.3%.
  • US surplus narrowed to +CAD9.2B from +CAD11.2B, the third consecutive decrease.
  • Q4 exports +1.6%, imports +0.2%, and in "real" terms more closely linked to GDP exports +1.0% and imports -0.5%. StatsCan earlier reported flash Q4 GDP at +1.2% annualized pace vs BOC estimate for no growth.
  • 2023 trade balance -CAD1.4B from a surplus of +CAD19.7B in 2022. Increases in imports were led by motor vehicles and parts while the drop in exports was driven by declines energy exports.
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