Canadian trade balance data for November 2018

  • Prior was -1.17B (revised to -0.85B)

  • Exports -1.8% vs -0.6% prior

  • Exports at $48.3B vs $49.32B prior

  • Imports -0.3% vs -1.2% prior

  • Imports $50.39B vs $50.49B prior

Exports were down for the fourth consecutive month. It wasn't an energy story with exports down 1.4% excluding energy and 8 of 11 sectors lower. However energy was down 9.2% due to a 13.9% fall in prices. Exports of basic and industrial chemical, plastic and rubber products also contributed to the decline, falling 7.5% but that was somewhat energy related with a drop of gasoline blending stock.

On the import side 7 of 11 sectors were lower with motor vehicles and parts leading the way.

It looks like Canadian data will be affected if the US government shutdown continues. From StatsCan:

"For the duration of the shutdown, Statistics Canada will not receive data on Canadian exports to the United States. While this disruption does not affect data for the current release (November reference month), a continued shutdown could prevent Statistics Canada from publishing a complete picture of Canadian international merchandise trade statistics for the December 2018 reference period on February 5, 2019."