Statistics Canada says the country’s current account deficit increased $1.2-billion to $16-billion in the fourth quarter on a seasonally adjusted basis.
The agency said the increase was mostly due to a larger deficit on trade in goods.
The deficit on international trade in goods widened $1.4-billion to $2.7-billion in the fourth quarter, as exports fell and imports moved higher.
The trade surplus with the United States was down by $3.3-billion on stronger imports and weaker exports, both sides led by changes in crude petroleum.
The narrowing in the deficit with the rest of the world had a moderating effect, as imports of crude petroleum were down $1.6-billion.
Overall exports of goods were down $900-million to $120.1-billion, while total imports of goods were up $500-million to $122.9-billion