According to a release Wednesday by Statistics Canada, the country's merchandise imports declined 1.2 percent and exports decreased 0.3 percent in October. As a result, Canada's trade balance with the world went from a deficit of $303 million in September to a surplus of $75 million in October.
Imports declined to $40.4 billion as lower imports of energy products, as well as motor vehicles and parts were partially offset by higher imports of basic and industrial chemical, plastic and rubber products. Overall, prices were down 1.2 percent.
Exports decreased to $40.5 billion as prices declined 0.3 percent. Exports of motor vehicles and parts; metal and non-metallic mineral products; as well as aircraft and other transportation equipment and parts declined, while those of farm, fishing and intermediate food products; and consumer goods increased.
Imports from the United States grew 1.0 percent to $26.5 billion on the strength of lubricants and other petroleum refinery products. Exports to the United States edged up 0.2 percent to $30.4 billion. Consequently, Canada's trade surplus with the United States narrowed from $4.1 billion in September to $3.9 billion in October.
Imports from countries other than the United States fell 5.1 percent to $13.9 billion, with declines reported for the principal trading areas "other Organisation for Economic Co-operation and Development (OECD) countries" (-13.8 percent) and "all other countries" (-5.6 percent). Exports to countries other than the United States declined 1.7 percent to $10.1 billion as lower exports to the principal trading area "other OECD countries" (-14.7 percent) were partially offset by higher exports to the principal trading area "all other countries" (+2.5 percent). As a result, Canada's trade deficit with countries other than the United States narrowed from $4.4 billion in September to $3.9 billion in October.
