Statistics Canada has compiled their latest trade deficit numbers against the world for Canada revealing a marked $2 billion milestone in November from $552 million back in October. The rise is due primarily to the fall in exports by 0.9% and the continued increase in imports (climbing 2.7%).
With electronics and related equipment once again leading the way in imports ($39.5 billion) and motor vehicles coming in a close second, the drop in exports, amounted to $37.5 billion, was in areas of fishing and farming.
Not all was bad; exports to the U.S. actually rose nearly 4% ($28.3 billion) leading to a trade surplus of $3.3 billion with our American friends in November (a healthy bump up from October).
The declining exports reality for Canada is becoming a hard realization especially when you exclude the United States from the mix — a 13.4% decline.
The conservative administration needs to act soon or a recession may become nationally widespread and potentially permanent, as is the case with our south of the border cousins.