Canadian Trade Deficit Rises Amid Oil Sector Crisis

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.

Spencer Fernando

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John Prevostshawn harrisDelDon Taylor Recent comment authors
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Don Taylor
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Don Taylor

Who in the hell voted for this ignorant SOB,you should be ashamed of your self,This Ignorant Trudeau is sinking Canada fast and it is you liberal nut jobs are more to blame than Turdeau himself,because he is to stupid to see the damage he is doing to our country

John Prevost
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John Prevost

Don it must be nice to be so perfect – I am sure you have lived a perfect life – are you related to Trudeau by chance?

Del
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Del

Oil is devastated, GM going to Mexico, Ford firing thousands – what is next? Where is Trudeau going to get more money to buy Hamas rockets? Oh, sorry – deficit. Giving money he doesn’t have.

shawn harris
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shawn harris

Justin Trudeau not only lives in a world of unicorns and pixie dust, but also in his world he believes that economic success comes from destroying what was once a very healthy economy. He believes that he can prove that the capitalist economic system of lower taxes and free markets doesn’t work and produces only pain and misery for all workers. Whereas his socialist driven ideology produces and continues to produce, a national economy that is suffering severely from over taxation and regulations, which have caused the loss of hundreds of thousands of well paying middle class jobs. So much… Read more »

Del
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Del

Just noted from the US:
https://www.breitbart.com/border/2018/12/07/largest-oil-and-gas-reserves-ever-assessed-found-in-west-texas/

Possibly the largest oil / gas reserves ever discovered – worldwide. America will have virtually no use for Canadian oil in five years. They might offer to take it for free. Even more of the Canadian oil industry is going to take it’s money and employees south to a country that actually cares about itself. Goodbye to high paying jobs – forever.