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Canada posts surprise trade deficit in December, rebound in sight

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Canada posted a surprise trade deficit in December, as imports hit a new record high and exports fell from November, official data showed on Tuesday, but economists expect an export rebound in January on surging energy prices.

Canada’s trade deficit was C$137 million ($108 million) in December, well below analyst forecasts of a surplus of C$2.50 billion. November’s surplus was also revised down to C$2.47 billion from C$3.13 billion, still good for a 13-year record.

Imports rose 3.7% to hit an all-time record for the third consecutive month, driven by cellphones and other electronics, while exports fell 0.9%, mostly on lower energy prices.

“It’s a pretty small deficit, I would look at it as more or less balanced. But it was a bit of a split month in December,” said Stuart Bergman, deputy chief economist at Export Development Canada.

Bergman noted strong imports of motor vehicles and parts, which bodes well for cross border trade, along with strong exports of consumer goods. Energy weighed on exports as crude prices fell sharply, but oil prices have since rebounded.

“We expect exports should probably come back in January on stronger energy prices,” said Bergman.

Still, the drop in exports in December will likely act as a drag on fourth quarter GDP, analysts said.

For full-year 2021, Canada’s annual merchandise exports rose 22%, Statscan said, with the value hitting a record C$637 billion. With the effect of higher prices stripped out, 2021 exports were 5.4% down from 2019.

“The further upswing in energy prices bodes well for the trade balance in the early part of 2022,” said Shelly Kaushik, economist at BMO Capital Markets, noting Canada’s first annual surplus since 2014.

The Canadian dollar was trading 0.3% lower at 1.2710 to the U.S. dollar, or 78.68 U.S. cents.

($1 = 1.2713 Canadian dollars)

(Additional reporting by Fergal Smith in Toronto and Ismail Shakil in BengaluruEditing by Tomasz Janowski)

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Politicians must be promptly advised of cyberthreats, Conservative MP tells inquiry

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OTTAWA – Conservative MP Garnett Genuis told a federal inquiry today that parliamentarians who were targeted by Chinese hackers could have taken immediate protective steps if they had been informed sooner.

It emerged earlier this year that in 2021 some MPs and senators faced cyberattacks from the hackers because of their involvement with the Inter-Parliamentary Alliance on China, which pushes for accountability from Beijing.

In 2022, U.S. authorities apparently informed the Canadian government of the attacks, and it in turn advised parliamentary IT officials — but not individual MPs.

Genuis, a Canadian co-chair of the inter-parliamentary alliance, told a federal commission of inquiry on foreign interference today that it remains mysterious to him why he wasn’t informed about the attacks sooner.

Liberal MP John McKay, also a Canadian co-chair of the alliance, said there should be a clear protocol for advising parliamentarians of cyberthreats.

Several weeks of public inquiry hearings will focus on the capacity of federal agencies to detect, deter and counter foreign meddling.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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Toronto FC promote forward Charlie Sharp, wingback Nate Edwards to first-team roster

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TORONTO – After being drafted in the third round (61st overall) of the 2023 MLS SuperDraft, forward Charlie Sharp decided to put his dream of playing professional football on hold.

He spent a couple of weeks training with Toronto FC that summer and then returned for a fifth year at Western Michigan University.

“It was a really tough decision for me,” Sharp recalled. “Because I knew that going back to school, nothing was guaranteed. I could get injured or not perform well, but it seemed to really work out for me.”

Sharp scored 19 goals and added eight assists as a senior, leading the Broncos to a 17-2-3 record and a third-round appearance in the NCAA tournament where they eventually lost to national runner-up Notre Dame on penalty kicks. Sharp, who scored or assisted in nine of his last 10 matches, ranked first in the NCAA with 0.95 goals per game and 2.30 points per game and was tied for second with seven game-winning goals.

The 23-year-old Sharp, whose rights were retained by Toronto, spent time with the TFC first team in this year’s pre-season and signed with Toronto FC II in February. On Tuesday, he joined TFC 2 teammate Nate Edwards, a wingback from Brampton, Ont., in signing a first-team contract.

“We are happy to officially elevate Charlie at this time,” Toronto GM Jason Hernandez said in a statement Tuesday. “His strong mentality and mature playing style will be a welcomed addition to our young player group in the first team.”

Both players signed contracts that run through 2025 with club options for 2026 and 2027.

The deals were completed in advance of Friday’s MLS roster freeze but took their time working their way through the league office.

“A bit of unorthodox path that I chose,” said Sharp. “But I think you’re seeing it more now with players that get drafted.”

“I’m super-happy,” he added. “I think I made the right decision.”

As a senior, Sharp was one of three finalists for the 2023 MAC Hermann Trophy, which honours the top NCAA soccer player. The award eventually went to Clemson senior forward Ousmane Sylla.

The six-foot-five 185-pounder from Brighton, Mich., finished his collegiate career with 42 goals 22 assists, and 106 points in 89 games. He ranks first in career goals and games and tied for fourth in assists for Western Michigan.

In returning to Kalamazoo for a fifth year, Sharp also succeeded off the pitch by completing his degree in computer information systems.

Despite some niggling injuries, Sharp has five goals and two assists in 16 appearances with TFC 2 this season. He made his first-team debut off the bench May 15 against Nashville.

“I had a lot of friends and family watching,” he said.

“It’s been a journey,” Sharp added. “I’ve been thankful for every step of the way.,”

The 21-year-old Edwards has one goal and two assists in 23 games with TFC’s MLS Next Pro team.

“He has been a top performer with TFC II this season and we look forward to his continued growth within our environment,” said Hernandez

Edwards, who also joined TFC 2 in February, made his first-team debut May 21 in Canadian Championship play against Ligue1 Quebec champion CS Saint-Laurent.

The five-foot-eight 167-pounder split his college career between Syracuse University and Purdue University Fort Wayne. As a senior in 2023, he had one goal and four assists for Syracuse and was named to the 2023 All-Atlantic Coast Conference (ACC) Academic Team and College Sport Communicators (CSC) Academic All-District Team.

At Purdue University Fort Wayne, he had two goals and an assist in 40 appearances across three seasons (2020-2022) with the Mastodons.

Follow @NeilMDavidson on X platform, formerly known as Twitter

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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Calgary man sentenced to six years in prison for sharing terrorism videos on TikTok

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CALGARY – A Calgary man who pleaded guilty to sharing Islamic State recruitment videos and propaganda on TikTok will spend the next six years behind bars.

Zakarya Rida Hussein was sentenced during a court appearance on Friday after he pleaded guilty to one of four terrorism-related charges.

Hussein admitted that he owned social media accounts that posted ISIS recruitment videos and propaganda.

He also admitted to sharing a bomb-making video online.

The man was arrested in June 2023 after a joint investigation led by the RCMP and the Calgary Police Service.

Hussein will need to submit DNA results and will be under lifetime ban from owning firearms after he’s released.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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