TRUDEAU ECONOMY: Exports Fall Again, Trade Deficit Fifth Largest Of All Time
#LSN_Opinion More bad news for Canada’s economy in the wake of the Energy East Pipeline cancellation
THUNDER BAY, ONTARIO - October 7, 2017 (LSN) For the third straight month, Canada’s exports fell. With imports flat, Canada’s trade deficit has now risen to $3.41 billion. This is the fifth largest trade deficit on record, and is yet more evidence that Canada’s so-called economic growth is mostly illusory.
Exports fell by 1%, as consumer goods, chemical, plastic, rubber, metal ore, and non-metallic minerals all fell. Exports in August (the last month where figures are available), came in at $43.63 billion, while imports were $47.04 billion. Our exports to the United States fell by a full 1.8%, while our imports from the U.S. increased by 0.9%.
As noted in a BNN report, Canada August trade deficit unexpectedly widens as exports drop the Bank of Canada is said to be worried by Canada’s weak non-energy exports. Most disturbingly, at the same time as non-energy exports struggle, our energy industry is taking blow after blow as massive projects are cancelled – most recently the Energy East pipeline.
Clearly, the high-tax, high regulation approach of the Trudeau government is failing miserably, and this failure, combined with Canada’s dangerously high levels of household debt, puts Canada at serious risk of a recession, or even an economic crisis.
Spencer Fernandohile