Canada’s trade surplus reaches $3.1 billion in November
Statistics Canada announced that, despite transportation disruptions caused by flooding and landslides in British Columbia in November, total exports increased 3.8%, while imports rose 2.4%.
As a result, Canada’s merchandise trade surplus widened from $2.3 billion in October to $3.1 billion in November.
Following a record high in October, total exports rose to $58.6 billion in November, the fifth increase in six months. Gains were observed in 8 of the 11 product sections. Exports of consumer goods increased 9.0% and exports of basic and industrial chemical, plastic and rubber products increased 14.7%. Exports of energy products rose 2.8%. Exports of forestry products and building and packaging materials (+6.7%) also rose in November.
Total imports to $55.4 billion in November. Imports of consumer goods rose for the fourth consecutive month, up 5.2%. Imports of metal and non-metallic mineral products rose 7.3%, while imports of basic and industrial chemical, plastic and rubber products (+7.3%) also contributed to the overall monthly gain.
Following a 7.5% increase in October, exports to the United States rose 6.4% in November to a record high $45.2 billion. Meanwhile, imports from the United States were up 4.9% to $35.4 billion, also a record. Both November increases were partly influenced by higher trade in pharmaceutical products. Canada’s trade surplus with the United States widened from $8.8 billion in October to $9.8 billion in November, the largest trade surplus since January 2006.
Exports to countries other than the United States were down 4.0%, partly because of the transportation disruptions in British Columbia. Exports destined to Hong Kong (crude oil), China (coal, and farm and fishing products) and the Netherlands (various products) contributed the most to the decrease. Imports from countries other than the United States decreased 1.8% in November. Lower imports from China (various products) were partially offset by higher imports from Japan (turbines and light trucks). Canada’s trade deficit with countries other than the United States widened from $6.5 billion in October to $6.7 billion in November.