Trade Resources Economy The Trade Deficit in Canada Widened From$552 Million,a Trade Deficit of$48.7 Billion in US

The Trade Deficit in Canada Widened From$552 Million,a Trade Deficit of$48.7 Billion in US

The US Census Bureau and the US Bureau of Economic Analysis,through the US Department of Commerce,reported Friday that total November exports of$182.6 billion and imports of$231.3 billion resulted in a trade deficit of$48.7 billion,up 15.8 percent from$42.1 billion in October,revised.November exports were$1.7 billion more than October exports of$180.8 billion and November imports were$8.4 billion more than October imports of$222.9 billion.

The goods and services deficit decreased$0.1 billion from November 2011 to November 2012.Exports were up$5.8 billion,or 3.3 percent,and imports were up$5.7 billion,or 2.5 percent.

The International Trade Administration noted that US goods and services exports in the first 11 months of 2012 are up 4.5 percent or$86 billion from the same period in 2011 to reach$2 trillion.The US is also on track to exceed 2011's record export numbers of$2.1 trillion.

In Canada,merchandise imports rose 2.7 percent in November,while exports decreased 0.9 percent,according to a report from Statistics Canada.The trade deficit in Canada widened from$552 million in October to$2 billion in November.

Imports rose to$39.5 billion,as volumes increased 2.2 percent.Exports declined to$37.5 billion,as prices were down 1.3 percent.Exports to the United States grew 3.9 percent to$28.3 billion.Imports from the United States rose 1.7 percent to$25.0 billion,the third consecutive monthly increase.Consequently,Canada's trade surplus with the United States increased from$2.7 billion in October to$3.3 billion in November.

Exports to countries other than the United States fell 13.4 percent to$9.2 billion,the lowest level since September 2010.Imports rose 4.6 percent to$14.5 billion.As a result,Canada reached a record trade deficit with countries other than the United States,increasing from$3.2 billion in October to$5.3 billion in November.

Source: http://www.steelorbis.com/steel-news/latest-news/trade-deficit-swells-in-us-and-canada-734775.htm
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Trade Deficit Swells in US and Canada
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