The Weekly Review, January 6 to 10, 2025

January 10, 2025, 2:00 p.m. (EST)

Canada's merchandise trade deficit with the world narrowed from October to November 2024

In November, Canada's merchandise exports increased 2.2% and imports rose 1.8%. As a result, Canada's merchandise trade deficit with the world narrowed from $544 million in October to $323 million in November. These recent narrow trade deficits are within the typical bounds for monthly revisions to imports and exports.

Source: Canadian international merchandise trade, November 2024

Canada's energy sector continued to see increased demand for energy products in 2023

Total operating revenues of Canadian oil pipeline companies declined 6.2% to $16.8 billion in 2023, following a 20.9% increase in 2022. Similarly, total operating expenses decreased 3.2% to $9.9 billion in 2023, compared with a 21.5% rise in 2022. As a result, net revenue from operations totalled $6.9 billion in 2023, down 10.3% year over year. Net income after taxes was $4.9 billion (-14.8%). 

Source: Oil Pipeline Financial Survey, 2023

Employment rose in December 2024

Employment rose by 91,000 (+0.4%) in December and the employment rate increased 0.2 percentage points to 60.8%. The unemployment rate declined 0.1 percentage points to 6.7%. Employment gains in December were led by educational services (+17,000; +1.1%), transportation and warehousing (+17,000; +1.6%), finance, insurance, real estate, rental and leasing (+16,000; +1.1%), and health care and social assistance (+16,000; +0.5%).

Source: Labour Force Survey, December 2024

The total value of building permits issued in Canada decreased in November 2024

The total value of building permits issued in Canada decreased by $739.5 million (-5.9%) to $11.7 billion in November, a second consecutive monthly decline. The residential sector led the decrease, followed by the non-residential sector. On a constant dollar basis (2017=100), the total value of building permits issued in November declined 5.8% from the previous month and was up 2.1% on a year-over-year basis.

Source: Building permits, November 2024

Canadian crop farms in 2024

Total wheat production rose 6.1% year over year to 35.0 million tonnes in 2024, making it the third-largest wheat crop this century. It was 7.0% below the record high of 37.6 million tonnes set in 2013, perhaps the greatest crop year in Canadian crop farming history. Durum wheat farmers reported their fifth-largest harvest since the beginning of the millennium, at 5.9 million tonnes in 2024, up 43.6% from one year earlier but 24.4% below the record high set in 2016.

Source: How did this crop year shape up compared with previous harvests?

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Contact information

For more information, contact the Statistical Information Service (toll-free 1-800-263-1136514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).