According to Statistics Canada, Canada's merchandise trade deficit with the world narrowed to $416 million in September from $551 million in August. Imports fell 0.4 percent, while exports edged down 0.2 percent.
Total imports fell 0.4 percent to $50.8 billion in September, despite gains in 6 of 11 product sections. Import volumes decreased 1.5 percent, while prices rose 1.1 percent. Year-over-year, total imports increased 8.5 percent.
Exports edged down 0.2 percent in September to $50.4 billion, despite increases in 6 of 11 product sections. Export volumes fell 1.2 percent, while prices were up 1.1 percent. Year-over-year, total exports increased 15.7 percent.
Imports from countries other than the United States fell 3.3 percent to $17.7 billion in September, the fourth consecutive monthly decrease. Lower imports from Sweden led the decline, mainly on decreased imports of ships (icebreakers). Other countries also contributed to the decline, including Japan (gold, passenger cars and light trucks), Switzerland (copper) and Mexico (passenger cars and light trucks). Higher imports from China (various products) moderated the decrease in September.
Exports to countries other than the United States fell 1.8 percent to $12.5 billion in September. Many countries contributed to the decrease, including Hong Kong (gold), Italy (crude oil), India (copper ores and radioactive ores) and Spain (crude oil). These declines were partially offset by a sharp increase in exports to China (gold).
As a result, Canada's trade deficit with countries other than the United States narrowed from $5.6 billion in August to $5.2 billion in September.
Imports from the United States rose 1.2 percent to $33.1 billion, partly on the strength of higher imports of gold. Exports were up 0.4 percent to $37.8 billion. As a result, Canada's trade surplus with the United States narrowed from $5.0 billion in August to $4.8 billion in September. Canada's combined trade surpluses with the United States over the past three months were the highest since 2008.