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Canada posts 1st monthly trade deficit since March 1976


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Canada posts 1st monthly trade deficit since March 1976

Last Updated: Wednesday, February 11, 2009 | 8:45 AM ET

CBC News

A sharp fall in exports in December pushed Canada to its first monthly trade deficit since March 1976, Statistics Canada said Wednesday.

http://www.cbc.ca/money/story/2009/02/11/tradedeficit.html

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Canada posts 1st monthly trade deficit since March 1976

Last Updated: Wednesday, February 11, 2009 | 8:45 AM ET

CBC News

A sharp fall in exports in December pushed Canada to its first monthly trade deficit since March 1976, Statistics Canada said Wednesday.

http://www.cbc.ca/money/story/2009/02/11/tradedeficit.html

Sign of the times I guess.

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I think everyone is missing the bigger fact in this news item.

Both imports and exports are down. Exports are down 9.7% and imports down by 5.7%. (I'll assume these are seasonally adjusted annual basis numbers.)

I wouldn't call this a leading indicator of what's going on but it certainly reflects the general economic situation. Canada is weathering the global economic contraction better than most places and different people, including Stephen Harper and Paul Martin, can take credit for this.

By nature, most Canadians are conservative people and this nature is now showing its strength.

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