FX.co ★ Canada Exports Decline in November

In November, Canada's exports decreased by 2.8% from the previous month, totaling C$63.9 billion, after experiencing robust growth in both September and October. Despite this overall decline, exports actually rose in eight out of the eleven product categories. Notably, exports of metal and non-metal mineral products plummeted by 24.4%, counteracting prior gains, as exports of unwrought gold, silver, and platinum group metals dropped sharply, particularly to the UK, US, and Hong Kong. Additionally, exports of motor vehicles and parts fell by 11.6%, with passenger cars and light trucks down 9.0% due to reduced production. Exports of medium and heavy vehicles saw a dramatic 53.8% decline following the imposition of new US import tariffs. Conversely, energy exports rose by 8.5%, driven by a 7.6% increase in crude oil and bitumen shipments, supported by higher volumes following temporary US refinery shutdowns in October. Exports to the US decreased by 1.8%, while exports to other countries declined by 4.9%.