Not only did the latest trade deficit grow, but the September deficit was also larger than originally reported.
The crisis facing the Canadian oil industry pushed Canada’s trade deficit to over $1 billion in October.
And even worse, the September trade deficit was ‘revised,’ with the corrected number doubling to a deficit of $891 million.
Canadian crude oil exports were down a whopping 16% in October alone.
Overall, Canada’s exports were down 1.2%.
With Canada’s economic outlook continuing to weaken, the Bank of Canada is paring back their optimistic tone on the economy.
Clearly, the negative consequences of Justin Trudeau’s anti-oil industry policies, his destructive carbon tax, and his over-regulation, is spreading across the country. Alberta is getting the worst of it, and the auto industry is now at increased risk after GM announced they would leave Oshawa.
Policies have consequences, and Trudeau’s policies are making Canadians poorer and more vulnerable.