In November, Canada's merchandise imports increased 1.9%, while exports were down 0.6%. As a result, Canada's merchandise trade surplus with the world narrowed from $3.2 billion in October to $1.6 billion in November. This represents a fourth consecutive monthly trade surplus.
After decreasing 2.9% in October, total imports rose 1.9% in November, with increases in 8 of the 11 product sections. Year over year, imports were down 0.1%. In real (or volume) terms, November imports were up 1.6% from October.
Following four consecutive monthly gains, total exports declined 0.6% in November. This decrease occurred despite increases in 7 of the 11 product sections. Metal and non-metallic mineral products, as well as aircraft and other transportation equipment and parts posted the largest declines by far. Excluding these two product sections, exports increased 1.0% in November. In real (or volume) terms, total exports were down 0.1%.
Exports to countries other than the United States fell 4.2% in November, following an increase of 5.1% in October
The decline was largely driven by lower exports to Saudi Arabia (other transportation equipment) and Switzerland (unwrought gold). Imports from countries other than the United States rose 2.3% in November. Imports from Kazakhstan (nuclear fuels), the United Kingdom (unwrought gold) and China (various products) posted the largest gains. Canada's trade deficit with countries other than the United States widened from $9.0 billion in October to $10.1 billion in November.
Exports to the United States were up 0.4% in November, while imports from that country rose 1.7%. As a result, Canada's trade surplus with the United States narrowed from $12.1 billion in October to $11.7 billion in November.
This is an excerpt from the 09 January 2024 edition of The Daily from Statistics Canada.