Canada Reports Trade Deficit in October

Canada's merchandise exports declined 3.0% and imports rose 1.9% in October. Consequently, Canada's trade balance with the world went from a surplus of $1.0 billion in September to a deficit of $885 million in October.

After three consecutive monthly increases, exports decreased to $38.4 billion in October, as both prices and volumes fell. Industrial goods and materials, and energy products sectors led the decline. Automotive products was the only sector to record a gain during the month.

Imports reached a record high of $39.3 billion, as volumes increased 1.3%. Imports of machinery and equipment led the overall increase, followed by energy products and automotive products.

Imports from the United States rose 3.0% to $24.5 billion, the highest value since October 2008, while exports fell 0.9% to $27.6 billion. As a result, Canada's trade surplus with the United States narrowed from $4.1 billion in September to $3.1 billion in October.

Exports to countries other than the United States fell 7.9% to $10.8 billion, after peaking in September 2011. Imports from countries other than the United States edged up 0.1% to $14.7 billion. Canada's trade deficit with countries other than the United States increased from $3.0 billion to $4.0 billion in October.

Canada Reports Trade Deficit in October, Statistics Canada
12/9/2011 1:54:02 PM