Canada, whose economy is underpinned by the export of its abundant natural resources, is finding trouble while it works to get out of rough economic times. The trade deficit for November registered at $1.96 billion in Canadian dollars, a $552 million trade gap from figures during the month prior.
"It looks like trade will take another bite out of already weak economic growth," states a note authored by senior economist Sal Guatieri with BMO Capital Markets, according to The Canadian Press. "Total exports are now 6.3 percent below year-ago levels, the worst performance in three years, while imports are flat."
The Friday trade session began with the loonie rising after economic data from China noted its inflation rate was developing quickly. China's economy, the world's second largest, grew more rapidly than projected.
From October to November 2012, merchandise imports grew 2.7 percent and exports fell 0.9 percent, according to The Canadian Press.
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