Trade deficit narrows by almost $1B
A surge in exports coupled with a drop in imports pushed Canada's trade deficit with the rest of the world lower in October, down to $169 million from more than $1 billion the previous month.
Statistics Canada reported Tuesday that Canada imported $38.3 billion worth of goods and services during the month. That's a 5.7 per cent decline from June's level, which was an all-time high.
That was almost offset by $38.1 billion worth of exports. Farm, fishing and intermediate food products led the gains in exports while metal ores and non-metallic minerals recorded the largest decline, the agency said.
Energy exports increased three per cent to $8.4 billion, the third consecutive monthly increase.
Regionally, Canada's trade surplus with the United States shrank from $3.2 billion in September to $2.8 billion in October. The trade deficit with the rest of the world shrank from $4.2 billion to $2.9 billion.
- The first version of this story incorrectly stated that imports increased and exports declined, which would have widened the trade deficit. In fact, the opposite happened, and the deficit got smaller.Dec 11, 2012 10:02 AM ET