Imports fell 6.3 per cent to $44.7 billion in October after hitting a record high in September due to the import of a component for the Hebron offshore oil project.
Import volumes fell 6.2 per cent and prices edged down 0.1 per cent.
Exports increased 0.5 per cent to $43.6 billion as prices rose by 1.2 per cent and volumes declined 0.7 per cent.
Statistics Canada says higher exports of energy products and motor vehicles and parts were partially offset by lower exports of consumer goods and aircraft and other transportation equipment and parts.
Editor’s Note: The headline of this story mistakenly referenced the months of November and December. It was corrected to reference September and October.