Canadian trade surplus widens to $1.9 billion in September

Friday, 05 November 2021 20:39:26 (GMT+3)   |   San Diego
       

According to Statistics Canada, Canada's merchandise exports decreased 2.3 percent in September, while imports were down 3.0 percent. Both declines were largely due to the shortage of semiconductor chips and their impact on the production of motor vehicles in North America.

Canada's merchandise trade surplus widened from $1.5 billion in August to $1.9 billion in September, a fourth consecutive monthly surplus. It is also the seventh monthly surplus recorded so far in 2021.

Since the end of 2020, total exports have increased 11.5 percent, while total imports have risen 3.5 percent. However, excluding motor vehicles and parts, exports were up by 18.9 percent and imports have increased by 10.0 percent since December 2020.

Total imports were down 3.0 percent to $51.1 billion in September, with declines posted in 7 of 11 product sections. In real (or volume) terms, total imports fell 4.9 percent.

Imports from the United States decreased 3.7 percent in September, while exports were down 2.2 percent. This was in large part due to the decline in the trade of motor vehicles and parts. The trade surplus with the United States widened from $8.1 billion in August to $8.4 billion in September.

Imports from countries other than the United States decreased 2.1 percent in September. Lower imports from South Korea (turbines), Mexico (passenger cars, parts and engines) and the United Kingdom (gold) were partially offset by an increase in imports from Italy (various goods) and Japan (turbines).

Exports to countries other than the United States were down 2.6 percent in September. Several countries were behind the decline, including South Korea, Hong Kong, Norway, Switzerland, the Netherlands and Spain. A sharp increase in exports to the United Kingdom (gold) partially offset those declines.

Canada's trade deficit with countries other than the United States remained at $6.6 billion in September.


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