Statistics Canada announced on Tuesday that Canada's merchandise trade deficit stood at CAD1.09 billion in November, narrowing from a revised CAD1.61 billion gap in October (originally a CAD1.08-billion gap). That was the smallest trade gap since June 2019.

Economists had expected a deficit of CAD1.15 billion.

According to the report, the country's exports fell 1.4 percent m-o-m in November, driven by a decline in exports of energy products (-7.4 percent m-o-m). Meanwhile, imports decreased 2.4 percent m-o-m in November, led by a drop in imports of aircraft and other transportation equipment and parts (-13.8 percent m-o-m).