December 9, 2022
Statistics Canada announced that the country's merchandise exports rose 1.5% in October, 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.
The Federal Agency reports that total exports rose to $67.0 billion in October. Gains were observed in 8 of the 11 product sections. Exports of consumer goods (+9.7%) were the largest contributor to the overall increase in exports in October. Total imports were reached $65.8 billion in October, with increases observed in 6 of the 11 product sections. Imports of motor vehicles and parts (+4.6%) posted the largest increase.
Exports to countries other than the United States increased 2.2% in October, led by higher exports to China, South Korea and Italy. . Imports from countries other than the United States were up 1.8%. 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.