11:18 GMT02 August 2021
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    According to Statistics Canada report, Canada's annual merchandise trade deficit with other nations reached a record $26 billion in 2016 driven by a decline in energy product imports and exports.

    WASHINGTON (Sputnik) Canada's annual merchandise trade deficit with other nations reached a record $26 billion in 2016 driven by a decline in energy product imports and exports, Statistics Canada said in a report on Thursday.

    "The value of Canada's annual exports decreased 0.7 percent to $521.3 billion in 2016 while imports edged down 0.1 percent to $547.3 billion," the report stated. "Consequently, Canada's annual merchandise trade deficit with the world widened from $23.0 billion in 2015 to a record $26.0 billion in 2016."

    The decline in exports was led by falling energy products: crude oil and crude bitumen exports fell 14.2 percent to $48.2 billion while annual volumes of both increased 2.7 percent.

    Total exports excluding energy products increased 1.9 percent.

    Energy products also led a decline in imports, which fell 10.8 percent to $27.5 billion, the lowest value since 2004. The report noted that the import loss reflected a 15.8 percent decline in energy product prices.

    The declines were partially offset by trade in motor vehicles and parts. Exports of those products rose 9.5 percent to $95.6 billion while imports increased 6.2 to $106.7 billion.

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