Canada posts trade deficit of C$1.09 billion in November

By Kelsey Johnson

OTTAWA (Reuters) - Canada posted a trade deficit of C$1.09 billion ($0.84 billion) in November, official data showed on Tuesday, as a strike at the country's biggest railway temporarily slowed shipments nationwide and energy exports declined.

Analysts polled by Reuters had forecast a shortfall of C$1.15 billion for November. Statistics Canada revised the October deficit to C$1.61 billion from an initial C$1.08 billion.

Exports, Statistics Canada said, fell 1.4% in November to C$48.70 billion, with seven of the 11 product categories posting declines, while imports dropped by 2.4% to C$49.78 billion. In volume terms, exports declined by 2.7% from October, the agency said, while imports dropped by 1.3%.

Some 3,200 conductors and yard workers at Canadian National Railway Co. walked off the job for eight days in mid-November over demands for improved working conditions, triggering the country's biggest rail strike in a decade.

Canada relies on CN and Canadian Pacific Railway Ltd to move products like crops, oil, potash, coal and other manufactured goods to ports and the United States. Industry figures show about half of Canada's exports move by rail.

Energy exports declined 7.4% on lower shipments of crude oil, the agency said, thanks to smaller export volumes because of pipeline disruptions following a rupture in late October.

sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more

The Bank of Canada has held its overnight interest rate steady for more than a year even as several of its counterparts, including the U.S. Federal Reserve, have eased.

The central bank's next fixed rate announcement date is Jan 22 and market expectations, as reflected in the overnight index swaps markets, show operators expect it to stay put.

($1=$1.2982 Canadian)

(Reporting by Kelsey Johnson, editing by Dale Smith)

sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more

all right reserved for yahoo news

Get the latest news delivered to your inbox

Follow us on social media networks

PREV Labour supporters who shell out £25 fee will be able to choose new leader
NEXT us news Cyberattack and proxy violence warnings as Iran threatens 'nightmare' revenge ...