In October, Canada's merchandise exports rose 1.5%, while imports increased 0.6%. As a result, Canada's merchandise trade surplus with the world widened from $607 million in September to $1.2 billion in October.
Total exports rose 1.5% to $67.0 billion in October. Gains were observed in 8 of the 11 product sections. In real (or volume) terms, total exports edged up 0.1% in October, while export prices rose for the first time in five months.
Total imports were up 0.6% to $65.8 billion in October, with increases observed in 6 of the 11 product sections. However, in real (or volume) terms, total imports decreased 0.9%, a second consecutive monthly decline.
Exports to countries other than the United States increased 2.2% in October, led by higher exports to China, South Korea and Italy. Exports to China sharply increased by 25.4% to a record-high $3.3 billion, driven by higher exports of canola, oilseeds and wheat. Lower exports to the United Kingdom and Hong Kong offset a large part of these gains, primarily because of a decline in gold deliveries to these countries.
In October, imports from countries other than the United States were up 1.8%. The strongest increases were observed in imports from Belgium (pharmaceutical products) and South Korea (various products). Meanwhile, imports from China (various products) fell 3.7%.
Canada's trade deficit with countries other than the United States widened slightly from $8.7 billion in September to $8.8 billion in October.
Exports to the United States increased 1.3% in October, while imports from that country edged down 0.1%. As a result, after four consecutive monthly decreases, the merchandise trade surplus with the United States widened from $9.3 billion in September to $10.0 billion in October.
This is an excerpt from the 06 December 2022 edition of The Daily from Statistics Canada.