Statistics
Canada reported on Thursday that Canada recorded a trade deficit of CAD0.92 billion in October compared to a revised gap of
CAD1.30 billion (from CAD1.26 billion) in September. This
was the smallest trade deficit in three months.
Economists had forecast
a shortfall of CAD0.80 billion.
According to
the report, Canada’s exports jumped by 1.1 per cent m-o-m to CAD64.22 billion
in October, recording its first increase in four months as 3 of 11 product sections -
metal and non-metallic mineral products (+10.6 per cent m-o-m), consumer goods (+4.7
per cent m-o-m), and basic and industrial chemical, plastic and rubber products
(+2.5 per cent m-o-m) - posted significant gains in exports. "Higher prices were
partly responsible for the monthly advance in exports," Statistics Canada noted.
Meanwhile, imports increased by 0.5 per cent m-o-m to CAD65.14 billion in October,
driven by noticeable gains in non-metallic minerals (+46.1 per cent m-o-m) and
energy products (+6.2 per cent m-o-m).