Canada’s merchandise trade deficit widened to CAD 2.06 billion in November 2018 from a downwardly revised CAD 0.85 billion in the previous month and above market consensus of a CAD 1.95 billion shortfall. It was the largest trade gap since May, as exports fell 2.9 percent month-over-month, mainly due to lower sales of crude oil and imports dropped 0.5 percent. Balance of Trade in Canada averaged 1318.38 CAD Million from 1971 until 2018, reaching an all time high of 8524.80 CAD Million in January of 2001 and a record low of -3984.60 CAD Million in September of 2016.
Balance of Trade in Canada is expected to be -1500.00 CAD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Canada to stand at 500.00 in 12 months time. In the long-term, the Canada Balance of Trade is projected to trend around 3200.00 CAD Million in 2020, according to our econometric models.