Canada's Trade Deficit Narrows in October


Canada's merchandise imports declined 1.2 percent while exports increased 1.0 percent in October. As a result, Canada's trade deficit with the world narrowed from $1.0 billion in September to $169 million in October.

Imports declined to $38.3 billion, a 5.7 percent drop since reaching a record high in June 2012. Volumes were down 1.8 percent in October, as widespread decreases were recorded.
 
Exports increased to $38.1 billion in October, as both prices and volumes were up. Exports of farm, fishing and intermediate food products led the gains in exports while metal ores and non-metallic minerals recorded the largest decline.
 
Imports from the United States rose 1.6 percent to $24.6 billion and exports edged down 0.2 percent to $27.4 billion. Consequently, Canada's trade surplus with the United States decreased from $3.2 billion in September to $2.8 billion in October.
 
Imports from countries other than the United States fell 5.8 percent to $13.7 billion. Exports rose 4.2 percent to $10.7 billion, mainly on higher exports of farm, fishing and intermediate food products. Consequently, Canada's trade deficit with countries other than the United States declined from $4.2 billion in September to $2.9 billion in October.

Statistics Canada | Andre Crujo | andre@tradingeconomics.com
12/11/2012 1:39:40 PM