Canada's Exports Rise in October


Canada's merchandise exports rose 3.1% to $33.8 billion in October, on the strength of industrial goods and materials, as exports of precious metals and copper ores reached record highs. Excluding industrial goods and materials, exports declined 0.2%.

Exports of agricultural and fishing products as well as automotive products also grew in October. In contrast, declines were recorded in exports of machinery and equipment and energy products.

Export volumes increased 3.0% and prices edged up 0.1% during the month.

Imports increased 1.2% to $35.5 billion, as import volumes grew 1.7% while prices declined 0.5%. Import volumes have been on an upward trend since March 2009.

Energy products led the growth in overall imports, followed by automotive products and other consumer goods. These gains were moderated by a decline in imports of industrial goods and materials.

As a result, Canada's trade deficit with the world narrowed to $1.7 billion in October from $2.3 billion in September.

Exports to the United States increased 0.4% while imports grew 1.7%. Consequently, Canada's trade surplus with the United States declined from $1.4 billion in September to $1.1 billion in October, the smallest trade surplus with the United States since September 1992.

Exports to countries other than the United States rose 10.1% to $10.1 billion, their highest level since November 2008, while imports edged up 0.3%. Therefore, Canada's trade deficit with countries other than the United States declined from $3.7 billion in September to $2.8 billion in October.


TradingEconomics.com, Statistics Canada
12/10/2010 5:22:28 PM