Canada’s world trade balance went from a $1 billion surplus in September to an $885 million deficit in October, according to Statistics Canada.
Canada’s merchandise exports declined 3% and imports rose 1.9% in October. After three consecutive monthly increases, exports decreased to $38.4 billion in October, as both prices and volumes fell.
Industrial goods and energy products sectors led the decline. Automotive products was the only sector to record a gain.
Imports reached a record high of $39.3 billion, as volumes increased 1.3%. Imports of machinery and equipment led the overall increase, followed by energy products and automotive products.
Imports from the U.S. rose 3% to $24.5 billion, the highest value since October 2008, while exports fell 0.9% to $27.6 billion.
As a result, Canada's trade surplus with the U.S. narrowed from $4.1 billion in September to $3.1 billion in October.
Exports to countries other than the U.S. fell 7.9% to $10.8 billion, after peaking in September 2011.
Imports from countries other than the U.S. edged up 0.1% to $14.7 billion.
Canada’s trade deficit with countries other than the U.S. increased from $3 billion to $4 billion in October.
Jennifer Harrison
@JHarrisonBIV