Canada Nov trade balance -$1.96B vs -$0.17B prior
- Prior revised to -0$.55B
- Exports down slightly from Oct while imports rose to $39.47B from $38.42
One thing that jumps out in the data was a 27.5% y/y drop in exports to the EU. About 10% of Canadian exports go to Europe and that’s a dramatic drop. Chinese trade data showed a large jump in exports to Europe so it seems Canada could be losing its competitive edge.