The Globe and Mail reports in its Thursday edition that Canada posted a surprise trade deficit of $312-million in December, as exports were dragged down by cars and crude oil while imports edged up owing to a record rise in consumer goods, data showed on Wednesday. A Reuters dispatch to The Globe reports that this was the first monthly trade deficit since July, Statistics Canada said. Analysts in a Reuters poll had forecast a $1.1-billion surplus. November's surplus was downwardly revised to $1.06-billion from $1.57-billion reported initially. Total exports fell 1.9 per cent in December, the second consecutive decline, while imports were up 0.2 per cent, it said. Exports were down 0.4 per cent in December in volume terms as the value of the exports were also pulled down by an appreciation of local currency, it said. The Canadian dollar strengthened 2.4 per cent against its U.S. counterpart in December, its largest gain since June, 2023, affecting the value of exports. The Canadian dollar strengthened 0.1 per cent to 1.34 per U.S. dollar, or 74.21 U.S. cents. CIBC economist Katherine Judge says, "We don't expect net trade to continue to drive growth in early 2024 given deteriorating foreign demand."