Canadian trade deficit narrows to $1.1 billion in October

Thursday, 05 December 2019 20:58:52 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canada's exports rose 0.8 percent in October, while imports increased 0.5 percent mainly on higher imports of energy products. As a result, Canada's merchandise trade deficit with the world narrowed slightly from $1.2 billion in September to $1.1 billion in October.

Following a 1.7 percent decrease in September, total exports were up 0.8 percent in October. Increases were observed in 6 of 11 product sections, and non-energy exports edged up 0.2 percent. Compared with the same period in 2018, total exports were up 1.6 percent in the first 10 months of 2019. In real (or volume) terms, exports increased 0.7 percent in October.

Total imports rose 0.5 percent to $51.0 billion in October, despite decreases in 7 of 11 product sections. Total imports were up 1.5 percent in the first 10 months of the year compared with the same period in 2018. In real (or volume) terms, imports increased 0.8 percent in October.

Imports from the United States were down 1.7 percent in October, while exports were up 1.0 percent. As a result, Canada's trade surplus with the United States widened from $4.6 billion in September to $5.5 billion in October, the strongest surplus since the financial crisis of 2008. This is the eighth consecutive month that Canada's surplus with the United States was above $4 billion, also a first since 2008.

Imports from countries other than the United States rose 4.4 percent in October. Higher imports from Belgium (pharmaceutical products), Switzerland (pharmaceutical products) and Mexico (light trucks) were partially offset by lower imports from China (various products).

Exports to countries other than the United States edged up 0.1 percent in October. Higher exports to Norway (nickel), India (copper), Hong Kong (gold) and Peru (wheat) were essentially offset by lower exports to China (soybeans and canola). Total exports to non-US countries since the beginning of 2019 decreased 0.5 percent compared with the same period in 2018.

As a result, Canada's trade deficit with countries other than the United States increased from $5.8 billion in September to $6.6 billion in October.


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