ottawacanada swung to a currentaccount deficit in the third quarter following surpluses the previous two quarters largely thanks to a sharply lower goods surplus and a higher investment income deficit the countrys current account the broadest indicator of canadas trading and investing relationship with other nations recorded a deficit of 111 billion canadian dollars the equivalent of about 83 billion in the third quarter of the year statistics canada said monday market expectations werent immediately available the surplus in the second quarter revised down slightly to c265 billion canadas trade in goods and services balance logged its first deficit of the year shifting to a deficit of c399 billion from a c591 billion surplus in the second quarter thanks largely to lower exports of goods which dropped by about c7 billion to c197 billion in the recent quarter the data agency said despite record high volumes exports of energy products were down thanks to a fall in prices for the first decrease in energy products since the second quarter of 2020 consumer goods also contributed to the fall in overall exports statistics canada said imports of goods rose by c17 billion to hit c1953 billion in the third quarter with the largest gains seen in motor vehicles and parts also in the third quarter the investmentincome deficit widened by c3 billion to c42 billion in the latest quarter amid rising interest rates direct investment in canada totaled c294 billion down from c41 billion in the second quarter the agency said activity in the third quarter mainly reflected earnings reinvested by canadian parent companies in existing foreign affiliates which merger and acquisition activity cooled quarteroverquarter