Canada’s merchandise imports declined 1.2% in October while exports decreased by 0.3%, moving our international trade balance from a $303 million deficit in September to a $75 million surplus in October.
Imports declined to $40.4 billion, with lower imports of energy products and motor vehicles and parts partially offset by higher imports of basic and industrial chemical, plastic and rubber products. Exports decreased to $40.5 billion, with vehicles, metal, mineral products, aircraft and transportation equipment declining, while farm, fishing, intermediate food products and consumer goods increased.
Imports from the United States grew 1% to $26.5 billion thanks to lubricants and petroleum products. Exports to the United States edged up 0.2% to $30.4 billion, reducing our trade surplus with the United States from $4.1 billion in September to $3.9 billion in October. Imports from countries other than the United States fell 5.1% to $13.9 billion, while exports to those countries declined 1.7% to $10.1 billion. As a result, our trade deficit with these countries narrowed from $4.4 billion in September to $3.9 billion in October.
How about our neighbours South of the border ?
Figures released by the U.S. Census Bureau reveal that the U.S.international trade deficit decreased from $43 billion in September to $40.6 billion in October as exports increased more than imports. The U.S. deficit with the European Union increased from $8 billion to $14.3 billion. Exports went up marginally by $0.3 billion to $23.1 billion while imports climbed $6.6 billion to $37.4 billion. On the other hand, the U.S. deficit with China decreased from $30.5 billion to $28.9 billion, while its deficit with Mexico went down as well, from $5.3 billion to $4.1 billion.
And how about Canada’s trade with Belgium ?
Regarding trade with Belgium, Canadian exports amounted to $ 242 million in August but went down to $ 105 million in September, then back up to $ 152 million in October. Canadian imports from Belgium, on the other hand, amounted to $ 178 million in August, stayed at $ 178 million in September and increased marginally to $179 million in October. As we can see, our bilateral trade has peaks and valleys and it will be interesting to see how it evolves in the coming months.
Christian Sivière Christian.siviere@videotron.ca All Rights Reserved December 2013
Canada’s Exports and imports (Click on the pic to make it bigger)
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