It was the 11th monthly trade deficit in a row, and the 7th largest in Canadian history.
Canada’s December trade deficit expanded to $3.19 billion, far above predictions of a $2.20 billion deficit made by analysts.
As noted by BNN, Imports reached $49.70 billion, the largest figure recorded.
Disturbingly, imports of energy products increased by a whopping 16.9%.
Showing the absurdity of this situation, energy exports also increased in December by 6.2%, which was a result of pipeline disruptions coming to an end.
The fact that Canada is importing energy despite our gigantic oil reserves shows the continued dysfunction of inter-provincial relations, and the consequences of federal policies that are damaging to our energy independence through stifling regulations and bureaucracy.
Trade deficits have been a continuous trend lately, as the December deficit was the 11th monthly deficit in a row. It was also the 7th largest trade deficit in Canadian history.