According to Statistics Canada, the nation’s merchandise exports grew 4.2% in September, while imports declined 0.3%.
As a result, Canada's international trade balance went from a deficit of $487 million in August to a surplus of $1.2 billion in September. This represents the country’s first trade surplus since January 2011.
Exports rose to $39.7 billion, the highest value since October 2008, as six of seven sectors posted gains in September. Prices, which rose 3.9%, were the main factor behind this increase. Volumes edged up 0.3%. Imports decreased to $38.5 billion, as volumes fell 3.1% and prices increased 2.8%.
The decline was led by lower imports of machinery and equipment as well as automotive products, as volumes in both sectors dropped. Partly offsetting the decrease in imports were gains in energy products and industrial goods. Prices rose in both sectors.
Exports to the U.S. increased 5% to $28.2 billion, the highest value since January 2011. Imports from the U.S. decreased 1% to $23.8 billion.
As a result, Canada's trade surplus with the U.S. rose to $4.4 billion in September from $2.8 billion in August.
Exports to countries other than the U.S. rose 2.3% to $11.5 billion, the fifth consecutive monthly increase.
Imports from countries other than the U.S. rose 0.7% to $14.7 billion.
Consequently, Canada’s trade deficit with countries other than the United States fell from $3.3 billion in August to $3.1 billion in September, the lowest level so far this year.
Jennifer Harrison
@JHarrisonBIV