The Globe and Mail reports in its Friday edition that Canada's trade deficit widened in November as gold shipments plunged and exports of cars and parts hit a three-year low. the Globe's Mark Rendell writes that goods exports declined 2.8 per cent while imports declined 0.1 per cent, Statistics Canada reported Thursday. That brought the merchandise trade deficit, the difference between goods imports and exports, to $2.2-billion in November from $395-million the month before. The result was mainly owing to a massive swing in gold shipments, which have been a key but volatile driver of export growth over the past year. Excluding metal and non-metallic mineral products, the export picture looked more positive, rising 2.5 per cent and increasing in eight out of 11 categories. Trade with the United States continued to slide, while there were some signs that Canada's diversification push is gaining speed. Only 56 per cent of imports came from the U.S., which is the lowest share since records began in 1997, excluding the pandemic, according to BMO economist Shelly Kaushik. "It's clear that Canadian trade flows remain under pressure as long as uncertainty stays elevated," she said, adding what is needed is free-trade clarity.
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