In December, Canada saw a notable increase in exports by 2.6%, largely driven by the rise in aircraft exports such as business jets, which set a record high for the month.
In December, Canada experienced a 2.6% increase in exports, attributed particularly to strong performance in the metal products and aircraft sectors. Notably, exports of aircraft and transportation equipment surged by 20.5% to reach $3.5 billion, marking a record high for these categories. This growth was significantly influenced by the increased shipments of business jets and other aerospace components to the United States, which have been displayed as a key factor in the rising export figures for the month.
Statistics Canada highlighted that exports typically see a rise in the last month of the quarter. However, this December reflected a sharper increase than usual, emphasizing the strong demand for Canadian manufactured products, particularly in the aerospace industry. The report indicates a growth in exports of aircraft engines and parts by 15.4% as well, demonstrating a robust performance amidst challenging economic conditions.
Consequently, the country's trade deficit narrowed from an adjusted $2.6 billion in November to $1.3 billion in December, suggesting a more favorable balance in the trade dynamics for Canada. The increased exports of business jets and related aerospace products not only showcase the strength of Canada's manufacturing sector but also indicate a positive trend in trade relations, particularly with the United States, which is a key market for these exports.
