Statistics Canada announced that Canada’s merchandise exports increased 1.1% in October, while imports rose 0.5%.
As a result, Canada’s merchandise trade deficit with the world narrowed from $1.3 billion in September to $924 million in October.
The Federal Agency notes the October export increase comes after three consecutive monthly declines. Despite the increase, 8 of the 11 product sections were down in the month.
The 0.5% increase in imports comes from higher imports of metal ores and non-metallic minerals and energy products, which were were partially offset by decreases in imports of consumer goods and basic and industrial chemical, plastic and rubber products.
Exports to the United States fell 2.8% in October, while imports rose 1.1%. As a result, Canada’s trade surplus with the United States narrowed from $7.9 billion in September to $6.2 billion in October.
Exports to countries other than the United States were up 13.1% in October, largely driven by higher exports of unwrought gold to the United Kingdom and Hong Kong. Imports from countries other than the United States were down 0.5% in October. As a result, Canada’s trade deficit with countries other than the United States narrowed from $9.2 billion in September to $7.1 billion in October.