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December 5, 2019

Canada's trade deficit was stable at $1.1 billion in October

Statistics Canada announced that the country's merchandise trade deficit with the world narrowed slightly from $1.2 billion in September to $1.1 billion in October.

The Federal agency says total exports were up 0.8% after a 1.7% decrease in September. Exports of consumer goods rose 5.5% in October, mainly on higher exports of miscellaneous goods and supplies. Exports of energy products (+3.4%) also rose in October. Exports of metal and non-metallic mineral products increased 5.7%. Partially offsetting the overall gain, exports of farm and fishing products (-12.6%) posted the largest decline in October, mostly on lower shipments of other crop products (mainly soybeans) to China.

Total imports rose 0.5% to $51.0 billion in October. Imports of energy products were up 8.9% mainly on higher imports of crude oil and crude bitumen. Imports of motor vehicles and parts fell 3.3% to $9.3 billion.

On a global perspective, Canada's trade deficit with countries other than the United States increased from $5.8 billion in September to $6.6 billion in October. Imports from those countries rose 4.4%. Higher imports from Belgium (pharmaceutical products), Switzerland (pharmaceutical products) and Mexico (light trucks) were partially offset by lower imports from China (various products). Exports to countries other than the United States edged up 0.1% in October, due to higher exports to Norway (nickel), India (copper), Hong Kong (gold) and Peru (wheat).

Imports from the United States were down 1.7% in October, while exports were up 1.0%. As a result, Canada's trade surplus with the United States widened from $4.6 billion in September to $5.5 billion in October.


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