OTTAWA (Reuters) – Canada’s trade deficit in September narrowed to C$978 million ($745 million) as imports fell faster than exports, ending the third quarter on a weak note, Statistics Canada data indicated on Tuesday. FILE PHOTO: Buildings are seen in the financial district in Toronto, January 28, 2013. REUTERS/Mark Blinch Analysts polled by Reuters had forecast a shortfall of C$700 million for September. Statscan revised the August deficit up to C$1.24 billion from an initial C$0.96 billion. Lower shipments of energy products helped cut the value of exports by 2.3% in the third quarter after they jumped 4.8% in the second quarter. “(This) isn’t something we are terribly surprised by. We are still seeing year-to-date growth of close to 2% which is reasonably good in a very challenging trade environment globally,” said Ross Prusakowski, principal economist at Export Development Canada. Last week, the Bank of Canada said the Canadian economy was not immune to global trade conflicts, including tensions between the United States and China. Canadian exports declined 1.3% in September, with seven of the 11 categories falling. Shipments of metal and non-metallic mineral products posted the largest drop, falling 7.3%, mostly on lower gold shipments. Crude oil exports fell… Read full this story
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