Exports cut current account deficit

A sharp improvement in Canada's trade balance in the fourth quarter cut the current account deficit by $5.93 billion from record third quarter levels, Statistics Canada said on Monday.

The $11.05 billion fourth quarter gap, down from $16.98 billion, exceeded the $9.35 billion deficit expected by analysts surveyed by Reuters.

The balance in trade in goods swung to a $523 million surplus from a $6.42 billion deficit in the third quarter, as exports of industrial goods and energy products surged.

Nonetheless, 2010 as a whole saw a record current account deficit of $49.98 billion, up from a record $43.52 billion in 2009.