Canadian Trade Deficit Narrows in September

Canada's merchandise trade deficit decreased to CAD 1.73 billion in September of 2015 from an upwardly revised CAD 2.66 billion gap in August, as exports rose 0.7 percent and imports declined by 1.3 percent, first drop in five months.

Total exports increased 0.7 percent to CAD 44.51 billion from CAD 44.19 billion in August. Exports excluding energy products were up 0.2 percent. Consumer goods sales rose by 4.6 percent, as pharmaceutical and medicinal products went up by 20.8 percent. Also exports of energy products increased by 3.7 percent, boosted by higher sales of crude oil and crude bitumen (+2.7 percent) and those of metal and non-metallic mineral products rose by 3.2 percent led by higher exports of unwrought copper and copper alloys. Moderating these gains were exports of motor vehicles and parts, which declined 3.7 percent, led by passenger cars and light trucks, down 4.9 percent. Total exports rose 4 percent in the third quarter. 

Following four consecutive monthly increases, total imports declined 1.3 percent to CAD 46.24 billion from CAD 46.85 billion in the previous month. The main contributor to the decrease in imports was metal and non-metallic mineral products (-14.3 percent), as imports of unwrought precious metals and precious metal alloys declined by 42.8 percent. In addition, imports of energy products were down 12.3 percent, mainly due to a 19.6 percent decline in purchases of crude oil and crude bitumen. Motor vehicles and parts declined 2.7 percent, following six consecutive monthly increases, as imports of motor vehicle engines and motor vehicle parts were down 6.9 percent. Purchases of basic and industrial chemical, plastic and rubber products decreased 5.2 percent and imports of basic chemicals fell 21.1 percent. In the third quarter, overall imports increased 2.4 percent from the second quarter.

Year-on-year, exports decreased by 0.7 percent while imports were up 3.5 percent.

Canadian Trade Deficit Narrows in September

Statistics Canada | Joana Ferreira |
11/4/2015 2:04:02 PM