Statistics Canada announced that the country's merchandise exports and imports rose sharply in October, in large part because of higher trade in motor vehicles and parts as well as energy products. Exports were up 6.4%, while imports rose 5.3%.

Canada's merchandise trade surplus widened from $1.4 billion in September to $2.1 billion in October, the largest surplus so far in 2021.

Exports reached a record $56.2 billion, increasing in 8 of 11 product sections The combined gains in exports of motor vehicles and parts and energy products accounted for almost 80% of the total growth.

Total imports reached a record $54.1 billion. This follows a 3.1% decrease in September that was largely attributable to lower imports of motor vehicles and parts. Overall, gains were observed in 7 of 11 product sections.

Exports to the United States rose 6.9% reaching a record high of $42.2 billion. Meanwhile, imports from the United States were up 9.1% to $33.9 billion. Both increases were largely influenced by the rebound in trade of motor vehicles and parts. Canada's trade surplus with the United States narrowed slightly from $8.4 billion in September to $8.3 billion in October.

Exports to countries other than the United States were up 5.0% in October. Exports destined to China (canola and coal), the Netherlands (various products), South Korea (iron ore) and Hong Kong (gold) contributed the most to the gain. November exports to non-US countries will likely be affected by the situation in British Columbia.

Imports from countries other than the United States decreased 0.6% in October. Lower imports from Japan (turbines) and Italy (various products) were partially offset by higher imports from China (cell phones). Canada's trade deficit with countries other than the United States narrowed from $7.0 billion in September to $6.2 billion in October.

 

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