08:54 AM EST, 01/07/2025 (MT Newswires) -- Canada's trade deficit in goods slimmed slightly in November, as exports rose more than imports, noted CIBC.

Tuesday's C$323 million deficit was narrower than a revised C$500 million shortfall in the prior month -- previously reported at C$900 million -- and the consensus forecast that had expected little change, said the bank.

Exports rose by 2.2% month over month in nominal terms, although the increase was a much more modest 0.5% in volume terms. The depreciation of the Canadian dollar (CAD or loonie) during the month contributed to the larger increase in trade in CAD terms, stated CIBC.

The 1.8% month-over-month gain in imports could be subject to greater than normal revisions, due to ongoing data delays which led to more values than normal needing to be estimated, pointed out the bank.

Including trade in services as well, Canada's trade deficit narrowed from C$850 million in October to C$640 million in November.

Overall, two-way trade was perhaps a little better than expected in volume terms, which could be a slight positive for November gross domestic product following a disappointing initial estimate, according to CIBC.