INDUSTRY PULSE: High loonie takes another bite out of exports

OTTAWA, Ont. — Canadian exports fell again in November, dropping 2.9% to $34.7 billion, Statistics Canada reported today.

This resulted in a merchandise trade surplus of $7.3 billion, the third highest since 1997 and just short of the peak of $7.5 billion set in June 2004.
Canada’s trade surplus with the United States expanded to $10.3 billion, also precipitated by a smaller decline in exports than in imports.

Exports to the U.S. fell 2.1% to $28.5 billion.

The main contributors to the drop in exports were declines in both automotive and energy products, as well as the sixth straight monthly drop in exports of Canadian forestry products, Statistics Canada noted in its Daily Bulletin.

Exports to countries other than the United States fell $400 million to $6.2 billion in November. Imports from non-US destinations fell from a near record high of $9.8 billion in October to $9.2 billion.