Canadian trade surplus grew to $1.9B in September as chip shortage hurt auto sector
Both imports and exports fell as the shortage of semiconductor chips hurt auto production.
Exporting & Importing
Statistics Canada says the country’s merchandise trade surplus grew to $1.9 billion in September compared with $1.5 billion in August as both imports and exports fell as the shortage of semiconductor chips hurt auto production.
The agency says production disruptions in the auto industry intensified in North America in September due to the ongoing shortage of semiconductor chips that has forced auto producers to slow or halt production around the world.
Total exports fell 2.3 per cent in September to $53.0 billon as exports of motor vehicles and parts fell 17.9 per cent to $4.6 billion in September.
Exports of metal and non-metallic mineral products fell 8.1 per cent as exports of unwrought gold and silver fell 12.1 per cent, while exports of energy products rose 6.1 per cent, helped higher by rising prices.
Meanwhile, total imports fell 3.0 per cent to $51.1 billion in September as imports of motor vehicles and parts dropped 13.6 per cent to $6.6 billion.
In volume terms, total exports fell 3.0 per cent in September, while imports fell 4.9 per cent.