Canada’s trade deficit narrows to $1.5 billion in October

Tuesday, 05 December 2017 22:23:27 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canada's merchandise trade deficit with the world totaled $1.5 billion in October, narrowing from a $3.4 billion deficit in September. Exports were up 2.7 percent on higher exports to the United States, while imports decreased 1.6 percent on lower imports of motor vehicles and parts.

Total exports increased 2.7 percent to $44.5 billion in October, following four consecutive monthly declines. Prices were up 1.5 percent and volumes increased 1.2 percent. Advances were observed in 9 of 11 sections, led by basic and industrial chemical, plastic and rubber products (+12.4 percent). There were also notable gains in metal and non-metallic mineral products (+4.5 percent); farm, fishing and intermediate food products (+7.7 percent); and energy products (+2.7 percent). Year over year, total exports were up 0.8 percent.

Total imports were down 1.6 percent to $45.9 billion in October, mainly due to a decrease in motor vehicles and parts. Other notable movements included metal ores and non-metallic minerals (-20.1 percent) and aircraft and other transportation equipment and parts (+16.2 percent). Overall, import volumes decreased 3.9 percent while prices rose 2.4 percent. Year over year, total imports rose 0.9 percent.

Also decreasing in October were imports of metal ores and non-metallic minerals, down 20.1 percent to $983 million. Other metal ores and concentrates (-21.8 percent) contributed the most to the decline. After peaking in September, imports of zinc ores from Alaska decreased in October.

Exports to the United States rose 4.1 percent to $33.3 billion in October, led by unwrought gold. Imports from the United States were down 0.6 percent to $29.8 billion, partly on lower imports of zinc ores. As a result, Canada's trade surplus with the United States widened from $2.0 billion in September to $3.5 billion in October. The Canadian dollar lost 2.1 US cents on average relative to the US dollar from September to October.

Imports from countries other than the United States fell 3.3 percent to $16.1 billion, on lower imports from Mexico (light trucks), Japan (gold bullion) and Saudi Arabia (crude oil).

Exports to countries other than the United States were down 1.4 percent to $11.1 billion on lower exports to the United Kingdom and China (both unwrought gold). Partially offsetting these declines were higher exports to the Netherlands (metallurgical coal) and Switzerland (aircraft).

As a result, Canada's trade deficit with countries other than the United States narrowed from $5.4 billion in September to $5.0 billion in October.


Similar articles

Canada seeks to make steel supply chain more transparent

26 Feb | Steel News

Canadian trade surplus shifts to $312 million deficit in December

07 Feb | Steel News

Canadian trade surplus narrows to $1.6 billion in November

09 Jan | Steel News

Canada’s trade surplus widens to $3 billion in October

06 Dec | Steel News

Canada’s trade surplus widens to $2.0 billion in September

07 Nov | Steel News

Canada initiates re-investigation on rebar from Tosyali Algerie

17 Oct | Steel News

Canada’s trade deficit narrows to $987 million in July

06 Sep | Steel News

Canadian trade deficit widens to $3.7 billion in June

08 Aug | Steel News

Canada’s trade surplus turns to $3.4 billion deficit in May

06 Jul | Steel News

Canadian trade surplus widens to $1.9 billion in April

07 Jun | Steel News