Canadian Manufacturing

Statistics Canada says merchandise trade deficit held stead in October at $3.8B

The increase came as exports of energy products rose 7.8%

December 4, 2020  The Canadian Press

OTTAWA — Statistics Canada says the country’s merchandise trade deficit held steady at $3.8 billion in October as both exports and imports climbed higher.

The agency says the deficit was about the same as its revised reading for September which as also showed a deficit of $3.8 billion compared with its initial report of a $3.3-billion deficit.

Economists had expected a deficit of $3.0 billion for October, according to financial data firm Refinitiv.

Statistics Canada says exports rose 2.2% to $46.5 billion in October, but remained $1.7 billion down from the level posted in February before COVID-19 pandemic began.

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The increase came as exports of energy products rose 7.8%, led by higher exports of crude oil and natural gas.

Meanwhile, imports climbed 1.9% to $50.2 billion to top their February level for the first time as imports of electronic and electrical equipment and parts led the way higher.