In October, Canada's merchandise imports fell 2.8%, while exports edged up 0.1%. As a result, Canada's merchandise trade surplus with the world widened from $1.1 billion in September to $3.0 billion in October.
Total imports fell 2.8% in October, with decreases in 8 of the 11 product sections. In real (or volume) terms, imports were down 3.2%.
Total exports (+0.1%) edged up in October, registering a fourth consecutive monthly increase. The increase came despite declines in 6 of the 11 product sections. Excluding energy products, exports rose 0.5%. In real (or volume) terms, total exports edged down 0.1%.
Exports to countries other than the United States rose 3.9% in October, driven by exports to Saudi Arabia (other transportation equipment), the Netherlands (iron ore), Switzerland (unwrought gold) and Italy (aircraft). Imports from countries other than the United States declined 0.9%. Imports from Japan (various products), China (various products) and Mexico (passenger cars) saw the largest declines. Canada's trade deficit with countries other than the United States narrowed from $9.9 billion in September to $9.1 billion in October.
Following three consecutive monthly increases, exports to the United States were down 1.0% in October. Imports from the United States also fell, declining 3.9%. As a result, Canada's trade surplus with the United States widened for a fourth consecutive month, going from $11.0 billion in September to $12.1 billion in October.
This is an excerpt from the 06 December 2023 edition of The Daily from Statistics Canada.