These things are never one big event. The changes are small, taking a while to become noticeable.
A case in point is oil exports. While the industry worried about its ability to reach international markets – and Ottawa is apparently tone deaf on the topic – we have some new numbers on our trading patterns. What we’re seeing is that our deficit with the world is growing. Largely, it’s because of falling oil exports.
And then on top of that, as less oil finds its way to foreign buyers, there is less demand for our currency. Our dollar dropped by more than one cent in November alone. The world is discounting us. Ironically, the only bright spot it the November report was that coal exports to Asia were going up.
That makes our imports more expensive – just check the price of fresh fruit or vegetables, for example. Exports are more attractive, but with oil being such a big part of that export equation, the other stuff can’t make up for it.