Canada’s trade surplus widens to $2.1 billion in October

Tuesday, 07 December 2021 21:22:19 (GMT+3)   |   San Diego
       

According to Statistics Canada, in October, Canada's merchandise exports and imports rose sharply, in large part because of higher trade in motor vehicles and parts as well as energy products. Exports were up 6.4 percent, while imports rose 5.3 percent. Canada's merchandise trade surplus widened from $1.4 billion in September to $2.1 billion in October, the largest surplus so far in 2021.

Total exports rose 6.4 percent in October to reach a record $56.2 billion. While exports increased in 8 of 11 product sections, the combined gains in exports of motor vehicles and parts and energy products accounted for almost 80 percent of the total growth. In real (or volume) terms, total exports rose 2.8 percent in October.

Total imports increased 5.3 percent in October to reach a record $54.1 billion. This follows a 3.1 percent decrease in September that was largely attributable to lower imports of motor vehicles and parts. Overall, gains were observed in 7 of 11 product sections in October, with motor vehicles and parts responsible for almost two-thirds of the monthly increase. In real (or volume) terms, total imports rose 7.0 percent.

Exports to the United States rose 6.9 percent in October, reaching a record high of $42.2 billion. Meanwhile, imports from the United States were up 9.1 percent to $33.9 billion. Both increases were largely influenced by the rebound in trade of motor vehicles and parts. Canada's trade surplus with the United States narrowed slightly from $8.4 billion in September to $8.3 billion in October.

Exports to countries other than the United States were up 5.0 percent in October. Exports destined to China (canola and coal), the Netherlands (various products), South Korea (iron ore) and Hong Kong (gold) contributed the most to the gain. November exports to non-US countries will likely be affected by the flooding in British Columbia.

Imports from countries other than the United States decreased 0.6 percent in October. Lower imports from Japan (turbines) and Italy (various products) were partially offset by higher imports from China (cell phones). Canada's trade deficit with countries other than the United States narrowed from $7.0 billion in September to $6.2 billion in October.


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