Statistics Canada reports trade deficit narrowed to $978M in September

Statistics Canada announced that the country’s merchandise trade deficit with the world narrowed narrowed from $1.2 billion in August to $978 million in September.

The Federal agency says total exports fell 1.3% to $49.8 billion in September, largely offsetting the increase in August. Decreases were observed in exports of metal and non-metallic mineral products (-7.3%) and exports of energy products (-2.1%). Exports of farm, fishing and intermediate food products fell 7.3%. Partially offsetting these declines were exports of other transportation equipment and parts, which almost doubled.

Total September imports fell 1.7% to $50.8 billion. After increasing 9.2% in August, imports of metal and non-metallic mineral products decreased 9.2%. Imports of other transportation equipment and parts (-27.7%) were also down. Imports of metal ores and non-metallic minerals fell 20.5% in September, mostly due to lower imports of gold and copper ores.

On a global perspective, Canada’s trade deficit with countries other than the United States narrowed from $6.1 billion in August to $5.7 billion. Imports from those countries fell 4.1% Lower imports from Belgium and Switzerland were partially offset by higher imports from China and the United Kingdom. Exports to countries other than the United States decreased 3.3%, the second consecutive monthly decline. Lower exports to the Netherlands, India, Norway and Mexico contributed the most to the decrease.

Exports to the United States were down 0.6% in September, while imports edged down 0.4%. As a result, Canada’s trade surplus with the United States decreased slightly from $4.9 billion in August to $4.8 billion in September.

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