Canada’s imports and exports up two percent in October
Statistics Canada announced that the country’s merchandise exports increased 2.2% in October, partially on higher exports of pharmaceutical products, and imports rose 1.9%, in part due to higher imports of cell phones.
As a result, Canada’s merchandise trade deficit with the world was virtually unchanged at $3.8 billion in October.
October exports rose to $46.5 billion. After a sharp 6.2% decrease in September, exports of consumer goods rose 10.2% to $6.3 billion in October, driven by a rebound in exports of pharmaceutical products. Exports of energy products rose 7.8% to $6.7 billion, led by higher exports of crude oil (+4.6%) and natural gas (+26.7%). These increases were partially offset by a decline in exports of motor vehicles and parts (-4.7%).
Total imports reached $50.2 billion. Imports of electronic and electrical equipment and parts (+9.5%) contributed the most to the increase in imports. Following a 37.8% decrease in September, imports of communication, and audio and video equipment – a category consisting largely of cell phones – rebounded 41.3%. Imports of consumer goods, the largest product section for Canadian imports, rose 4.3% to a record $11.6 billion. These gains were partly offset by lower imports of metal and non – metallic mineral products
On a global perspective, Canada’s trade deficit with countries other than the United States widened from $5.5 billion in September to $6.8 billion in October. Imports (+9.1%) and exports (+2.7%) rose again, the fifth consecutive monthly increase for imports and a fourth increase in the last five months for exports.
Exports to the United States rose 2.0% in October, while imports fell 2.3%. As a result, Canada’s trade surplus with the United States widened from $1.7 billion in September to $3.0 billion in October