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November 6, 2017
Canada's trade deficit remains essentially unchanged in September
Statistics Canada announced that the country's merchandise trade deficit with the world totalled $3.2 billion in September, essentially unchanged from the previous month.
The federal agency reports that exports were down 0.3% to $43.6 billion in September, the fourth consecutive monthly decline. Exports of motor vehicles and parts fell 10.6% to $6.5 billion. This decrease was largely offset by higher exports of energy products, up 7.2% to $7.8 billion in September. Exports of crude oil and crude bitumen (+9.5%) were responsible for the gain.
September imports amounted to $46.7 billion, down 0.3% from the previous month. Imports of electronic and electrical equipment and parts were down 4.6% to $5.1 billion and imports of consumer goods fell 1.9% to $9.9 billion. Following a 7.6% increase in August, pharmaceutical and medicinal products (-7.0%) posted a similar decline.
On a per country basis, exports to the United States fell 1.2% to $32.3 billion in September, due to lower exports of passenger cars and light trucks. Imports from the United States rose 0.4% to $30.1 billion. As a result, Canada's trade surplus with the U.S. narrowed from $2.7 billion in August to $2.2 billion in September.
Exports to countries other than the United States rose 2.4% to $11.3 billion, as higher exports to China (unwrought gold) and Brazil (pharmaceutical products) were partially offset by lower exports to Japan (iron, coal and copper). Imports from those countries fell 1.4% to $16.6 billion in September. Lower imports from Switzerland (pharmaceutical products) and Japan (gold bars) were partially offset by higher imports from Saudi Arabia (crude oil) and Singapore. As a result, Canada's trade deficit with countries other than the U.S. narrowed from $5.8 billion in August to $5.3 billion in September.
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