Canada's trade deficit shrank slightly to C$4.25 billion ($3.17 billion) in...
OTTAWA - Canada’s trade deficit shrank slightly to C$4.25 billion in January, the second highest on record, as low crude prices continued to eat into the value of exports, Statistics Canada said on Wednesday.
Exports grew 2.9 percent to C$47.58 billion - the first increase since July 2018 - as the value of oil shipments jumped by 36.5 percent due to higher prices. Even so, crude export prices remained 40.1 percent below their July peak. “To me, they are a bellwether of underlying strength in the U.S. economy,” he said in a telephone interview.
The Canadian dollar extended its decline on the news, slipping to C$1.3427 to the U.S. dollar, or 74.48 U.S. cents.
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