Dec. 9, 2011 – Merchandise exports declined three per cent and imports rose 1.9 in October, as Canada's trade balance slipped back into deficit. Statistics Canada reports the country's trade balance with the world fell into a deficit of $885 million in October from a surplus of $1 billion in September. The agency says exports decreased to $38.4 billion in October, as both prices and volumes fell.
Industrial goods and materials, and energy products sectors led the decline, while automotive products was the only sector to record a gain during the month.
Imports reached a record high of $39.3 billion, as volumes increased 1.3 per cent, led by machinery and equipment, followed by energy and automotive products. Imports from the United States rose three per cent to $24.5 billion, their highest value since October 2008, while exports fell 0.9 per cent to $27.6 billion. As a result, Canada's trade surplus with the United States narrowed to $3.1 billion in October from $4.1 billion in September.
Exports to countries other than the United States fell 7.9 per cent to $10.8 billion. Imports from countries other than the United States edged up 0.1 per cent to $14.7 billion. Canada's trade deficit with countries other than the United States increased to $4 billion in October from $3 billion.
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