Oil-price rout doubles Canada’s trade deficit to $2.1B in November

Canada’s trade deficit more than doubled in November, widening to $2.1 billion from a revised estimate of $900 million in October, Statistics Canada said on Tuesday.The increasing spread between imports and exports was driven by a 14 per cent drop in crude oil prices. Lower export volumes compounded the price effect, resulting in a decline of nearly 18 per cent in crude oil exports for the month.READ MORE: Record amount of Canadian oil exported by rail raises safety concernsThe bigger trade deficit was “fully expected given what happened with oil prices in the month,” BMO senior economist Robert Kavcic wrote in a note shortly after the release of the data.WATCH: Assessing the impact of Alberta’s move to cut oil production