Monthly Merchandise Trade Report
Monthly Report on Canada's International Merchandise Trade Performance, October 2019
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Over the first 10 months of 2019, merchandise exports were up 1.6% while imports were up 1.5%.
- Canada’s trade deficit with the world narrowed slightly from $1.2 billion in September to $1.1 billion in October.
- Exports rose 0.8% in October to reach $49.9 billion.
- Export increases were observed in 6 of 11 sectors.
- Consumer goods, energy and metal and non-metallic mineral products contributed the most to the increase.
- Imports were up 0.5% to $51.0 billion in October.
- Energy products contributed the most to the increase.
- Despite the overall gain, decreases were observed in 7 of 11 sectors.
Chart 1: Value of Canada's trade in goods, October 2014 to October 2019
Source: Statistics Canada Table 12-10-0011-01, Merchandise imports and exports, Balance of payments basis, seasonally adjusted.
Canadian Merchandise Exports
Canadian merchandise exports: increased 0.8% in October, to $49.9 billion. Increases were observed in 6 of 11 sectors.
Year-to-date, exports were up 1.6% compared to the same period in 2018.
Canadian Merchandise Imports
Canadian merchandise imports: rose 0.5% to $51.0 billion in October despite decreases observed in 7 of 11 sectors.
Year-to-date, imports were up 1.5% compared to the same period in 2018.
- Exports to the United States increased 1.0% to $37.9 billion in October.
- Imports from the United States contracted 1.7% to $32.4 billion.
- As a result, Canada’s merchandise trade surplus with the United States increased from $4.6 billion in September to $5.5 billion in October.
|Source: Statistics Canada Table 12-10-0011-01, Merchandise imports and exports, Balance of payments basis, seasonally adjusted, current dollars.|
Countries other than United States:
- Exports to non-U.S. countries edged up 0.1% in October.
- Higher exports to Norway (nickel), India (copper), Hong Kong (gold) and Peru (wheat) were largely offset by lower exports of soybeans and canola to China.
- Imports from countries other than the United States advanced 4.4% in October.
- Higher imports of pharmaceuticals from Belgium and Switzerland, as well as higher imports of light trucks from Mexico were partially offset by lower imports of various products from China.
- As a result, Canada’s trade deficit with countries other than the United States widened from $5.8 billion in September to $6.6 billion in October.
In October, exports grew 0.8% to $49.9 billion as export volumes increased 0.7%, while export prices were virtually unchanged.
- Exports of consumer goods rose in October (+5.5%), mainly on higher exports of miscellaneous goods and supplies, which include artwork such as paintings and sculptures.
- These pieces of fine art were destined to an art fair in New York.
- Exports of energy products also rose in October, mostly on higher exports of crude oil (+2.7%) and refined petroleum (+15.2%).
- Exports of refined petroleum products were up in October mainly on higher exports of fuel oils and diesel to the U.S.
- Exports of metal and non-metallic mineral products increased in October (+5.7%), as a result of higher exports of gold.
- Higher exports of refined gold to the U.S. were mostly responsible for the increase.
- Partially offsetting the overall gain, exports of farm and fishing products (-12.6%) posted the largest decline in October, mostly on lower shipments of soybeans to China.
In October, imports increased 0.5% to $51.0 billion as import prices decreased 0.4%, and import volumes rose 0.8%.
- Imports of energy products increased in October (+8.9%), mainly on higher imports of crude oil and crude bitumen. Imports of natural gas (+46.2%) and refined petroleum (+6.8%) also contributed to the increase.
- Imports of motor vehicles and parts fell in October (-3.3%) to $9.3 billion, the fifth consecutive monthly decrease.
- Imports of passenger cars and light trucks (-4.7%) were responsible for most of the decline.
|Industrial Machinery & Equipment||3,442||4.0%||5,706||-1.5%|
|Electronic./Electric. Machin. & Equip.||2,506||0.0%||6,162||3.8%|
|Aircrafts/Other Transportation Equip.||2,645||16.6%||1,839||1.4%|
Source: Statistics Canada Table 12-10-0121-01, International merchandise trade data by North American Product Classification System (NAPCS) – seasonally adjusted. Totals don’t add up as “Special transactions trade” and “Other balance of payments adjustments” are not included.
- Date Modified: