06:54 AM EST, 01/08/2025 (MT Newswires) -- Canada's merchandise trade shortfall narrowed in November, but that still marked the ninth straight month in deficit, noted Bank of Montreal (BMO).

The weaker Canadian dollar (CAD or loonie) has muddied the picture by boosting the value of US dollar-denominated

imports and exports, said the bank.

However, after removing price effects, trade volumes were supportive as export growth slightly outpaced imports, stated BMO. For now, it looks like trade could add to Q4 real gross domestic product growth, though there's still another month of data and revisions to go.

That said, everything could change in a couple of weeks when United States President-elect Donald Trump takes office as he threatened to impose significant blanket tariffs

on Canada, added the bank.