Global markets: US, Canadian trade deficits narrow

By Commodity News Service Canada

WINNIPEG, January 6 – The following is a glance at the news
moving markets globally.

US TRADE DEFICIT DROPS WITH EXPORTS
The US trade gap fell five per cent to US$42.4 billion in
November. October’s trade deficit was revised up to US$44.6
billion from the previously reported US$43.9 billion, according
to the country’s Commerce Department.

The current trade gap is the lowest seen in nine months,
but is largely due to weaker exports, as the US dollar gains.

CANADA SEES MORE EXPORTS, WEAKER PRICES
Canada’s imports decreased 0.7 per cent in November and
exports increased 0.4 per cent. Import volumes declined 1.6 per
cent while prices increased 0.9 per cent. For exports, volumes
were up 0.7 per cent while prices declined 0.4 per cent,
Statistics Canada said in a report on Wednesday.

According to StatsCan, as a result, Canada’s merchandise
trade deficit with the world narrowed from C$2.5 billion in
October to C$2 billion in November.

CRUDE OIL FUTURES MOVE BACK TO 11-YEAR-LOW
Crude oil futures returned to an 11-year-low in early
activity on Wednesday as recent tension between Saudi Arabia and
Iran made cooperation about a production ceiling even less
unlikely.

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