Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Canada's trade surplus grows more than expected in October

Published Dec 06, 2023 08:39AM ET Updated Dec 06, 2023 10:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: A Port train carrying shipping containers pulls up beside a cargo ship in the Port of Montreal in Montreal, Quebec, Canada, May 17, 2021. REUTERS/Christinne Muschi

By Ismail Shakil

OTTAWA (Reuters) -Canada recorded a larger-than-expected trade surplus of C$2.97 billion ($2.19 billion) in October, as exports rose marginally but imports slumped, Statistics Canada said on Wednesday.

Analysts in a Reuters poll had forecast a C$1.60 billion surplus. September's surplus was downwardly revised to C$1.1 billion from C$2.04 billion initially reported.

Total exports increased 0.1% while imports were down 2.8%.

The decline in imports was led by metal and non-metallic mineral products and motor vehicles and parts, Statscan said. By volume, total imports were down 3.2%.

The motor vehicles and parts category recorded its first monthly decline since March, with imports of passenger cars and light trucks being the largest drag.

"In the context of unstable supply due to strikes by U.S. auto workers in October, a large share of the monthly decline was attributable to lower imports from the United States," Statscan said.

The slump in imports suggests that firms are now drawing down their inventories as demand weakens, raising the risk that the economy will contract again in the fourth quarter, Stephen Brown, an economist with Capital Economics, said in a note.

Canada's gross domestic product unexpectedly contracted in the quarter. The Bank of Canada anticipates growth to remain muted until the end of 2024 as high interest rates weigh on the economy.

On Wednesday, the central bank left its key policy rate at a 22-year high of 5%.

On the export side, aircraft and other transportation equipment and parts drove the gains and helped to offset declines in energy products and basic and industrial chemical, plastic and rubber products.

The largest contributor to the aircraft and other transportation category was exports of transportation equipment to Saudi Arabia, Statscan said.

By volume, total exports were down 0.1%.

The shipments to Saudi Arabia also helped increase exports to countries other than the United States by 3.9%.

Trade slowed with the United States - Canada's biggest trading partner - with both exports and imports recording declines.

"The details in the trade data suggest some slowing momentum in international demand with key trading partners. This will be an important factor to watch over the coming months," Marc Ercolao, an economist with TD, said in a note.

($1 = 1.3566 Canadian dollars)

Canada's trade surplus grows more than expected in October

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email