Canada's merchandise trade balance with the world recorded its first trade surplus since September 2014, moving from a $1.0 billion deficit in October to a $526 million surplus in November.
Exports increased 4.3 percent to $45.6 billion in November, the highest level since the record $45.7 billion in January 2016. Export volumes rose 3.5 percent and prices were up 0.8 percent. Overall, 10 of 11 sections increased, a first since May 2014. In November, exports excluding energy products were up 4.7 percent. Year over year, total exports increased 5.2 percent.
Exports of metal ores and non-metallic minerals rose 26.4 percent to $1.7 billion in November, with widespread increases throughout the section. Exports of potash increased 38.3 percent to $431 million on higher volumes. Exports of iron ores and concentrates also contributed to the gain, up 43.0 percent to $396 million, as prices rose 25.7 percent. Overall, volumes increased 15.0 percent and prices were up 9.9 percent.
Total imports were up 0.7 percent to $45.1 billion in November, with 7 of 11 sections recording gains. Prices increased 1.0 percent, while volumes were down 0.3 percent. Higher imports of energy products and consumer goods were mostly offset by lower imports of aircraft and other transportation equipment and parts, and motor vehicles and parts. Year over year, total imports declined 0.8 percent.
Exports to the United States rose in November, up 2.5 percent to $33.7 billion, while imports from the United States were down 0.7 percent to $29.5 billion. Consequently, Canada's trade surplus with the United States widened from $3.2 billion in October to $4.2 billion in November, the largest surplus since June 2015.