Current account deficit up $500M in Q3: StatsCan

OTTAWA – Canada’s current account deficit increased $500 million to $18.9 billion on a seasonally adjusted basis in the third quarter, amid declining exports of oil and other goods, Statistics Canada reported Thursday.

The agency says total exports of goods were down $3.7 billion to $112.7 billion, marking a third consecutive quarterly drop.

Exports of energy products were down $1.6 billion, on lower volumes of crude petroleum and refined petroleum products and there were also drops in exports of consumer goods and industrial chemical products.

Imports declined $2.5 billion in the third quarter, following a high set in the previous quarter.

Motor vehicles and parts imports fell $700 million and energy products declined $500 million.

The overall balance on trade in goods posted a $4.8 billion deficit in the third quarter, following a $3.6 billion deficit in the previous quarter.

The trade surplus with the United States declined by $600 million, as exports were down $2.4 billion and imports were off by $1.8 billion.