Canada’s trade deficit widened substantially from $395 million in October to $2.2 billion in November. However, the decline was narrowly based, driven by a 24.4% m/m drop in unwrought gold, silver, and platinum metals, and an 11.6% drop in motor vehicles and parts. Canada’s merchandise trade surplus with the United States widened from $5.2 billion in October to $6.6 billion in November. Key ImplicationsTrade data for the month of November continues to highlight the impact that pronounced volatility in precious metals shipments are having on Canada’s trade data. The recovery in Canada’s overall trade picture has been uneven, and businesses can anticipate challenging conditions in the months ahead.