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December 5, 2017
Canada's trade deficit narrows to $1.5 billion in October
Statistics Canada announced that the country's merchandise trade deficit with the world totalled $1.5 billion in October, narrowing from a $3.4 billion deficit in September.
The federal agency reports that total exports increased 2.7% to $44.5 billion, following four consecutive monthly declines. Advances were observed in 9 of 11 sections, led by basic and industrial chemical, plastic and rubber products (+12.4%). Exports of farm, fishing and intermediate food products also increased in October, rising 7.7% to $2.8 billion.
October total imports were down 1.6% to $45.9 billion, mainly due to a decrease in motor vehicles and parts which fell 8.1% to $8.7 billion. Also decreasing in October were imports of metal ores and non-metallic minerals, down 20.1% to $983 million. Partially offsetting the decreases were higher imports of aircraft and other transportation equipment and parts, up 16.2% to $1.8 billion.
On a per country basis, exports to the United States rose 4.1% to $33.3 billion in October, led by unwrought gold. Imports from the United States were down 0.6% to $29.8 billion, partly on lower imports of zinc ores. As a result, Canada's trade surplus with the United States widened from $2.0 billion in September to $3.5 billion in October.
Imports from countries other than the United States fell 3.3% to $16.1 billion, on lower imports from Mexico (light trucks), Japan (gold bullion) and Saudi Arabia (crude oil). Exports to countries other than the United States were down 1.4% to $11.1 billion on lower exports to the United Kingdom and China (both unwrought gold). Partially offsetting these declines were higher exports to the Netherlands (metallurgical coal) and Switzerland (aircraft). As a result, Canada's trade deficit with countries other than the United States narrowed from $5.4 billion in September to $5.0 billion in October.
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