Canada’s current account deficit in the third quarter swelled to C$19.35 billion ($15.00 billion), the third largest in history, as the country’s international trade gap in goods continued to expand, Statistics Canada said on Thursday.
Analysts in a Reuters poll had forecast a shortfall of C$19.50 billion. The record deficit was the C$20.20 billion, in the third quarter of 2010.
The trade deficit in goods jumped to C$8.93 billion from C$5.29 billion – the third consecutive increase – as exports declined at a faster rate than imports.
Exports dropped to C$131.08 billion from C$142.08 billion as shipments of motor vehicles and parts fell sharply, hit by work stoppages and changes made to certain models. Imports fell to C$140.00 billion from C$147.37 billion on broad weakness in commodities.
The deficit in trade in services remained virtually unchanged at C$6.13 billion while foreign investment in Canadian securities rose to C$51.59 billion from C$39.49 billion in the second quarter.