It more than doubled.
Canada’s trade deficit surged between October and November of 2018 (the last months for which figures are available).
In October, the trade deficit was $851 million. It more than doubled to $2.1 billion in November.
Canada’s exports were down a full 2.9% in November, which according to BNN Bloomberg was “the biggest one-month decline in over a year.”
The decline in exports was driven in part by the crisis facing the Canadian oil industry. Oil exports fell 18% in November.
Other sectors fell as well, with exports outside the energy industry falling 1.4% in November.
This is the fourth straight month in which exports have fallen, which is the worst since the year 2015.
And with the negative economic information adding up, this is yet another piece of information showing Canada’s economy facing weakness and a rising potential of crisis.
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