Canada's trade deficit was larger than forecast on December, as imports slightly outpaced exports, official data revealed Wednesday.
Canada's merchandise exports and imports both on the strength of automotive products, according to Statistics Canada.
Exports rose 1.7% and imports increased 1.8%. As a result, Canada's trade deficit with the world widened to $246 million in December from $201 million in November.
Economists expected a trade deficit of $200 million in December.
Exports grew to $32.2 billion in December from $31.7 billion in November. This fourth consecutive monthly gain was due to a 2.1% increase in volumes, while prices fell 0.4%. Automotive products were responsible for nearly two-thirds of the growth, and were followed by machinery and equipment and energy products. Exports of industrial goods and materials declined in December.
Since May, with the exception of August, exports have been on the rise. However, the export value for December 2009 remained 8.0% below the value recorded in December 2008.
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