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Canada Trade Deficit

December 11, 2011 by staff 

Canada Trade Deficit, Canada unexpectedly ran a trade deficit in October, data showed on Friday, as imports reached a record high and exports declined.

Statistics Canada reported a trade deficit of $885 million, meaning that’s how much more was imported versus exported that month. Economists polled by Bloomberg expected a surplus of $700 million in October.

September’s trade surplus was revised downward to $1.03 billion from $1.25 billion, which stands as the only surplus since January.

“After three months of searing export gains in spite of a slowing U.S. and global economic backdrop, the day of reckoning for exports finally arrived,” said economist Emanuella Enenajor at CIBC World Markets. “With export volumes down by 3.2 per cent, the export machine that drove Q3 GDP in Canada has shifted into lower gear to start Q4, pointing to a slower pace of growth in the final quarter of 2011.”

Imports in October rose 1.9 per cent to a record $39.3 billion. Gains were led by purchases of machinery and equipment, but also included more incoming shipments of energy and automotive products.

After three straight monthly increases, exports fell three per cent to $38.4 billion. Automotive products were the only category that saw export gains, while the losses were led by industrial goods and materials, and energy products.

Canada unexpectedly ran a trade deficit in October, data showed on Friday, as imports reached a record high and exports declined.

Statistics Canada reported a trade deficit of $885 million, meaning that’s how much more was imported versus exported that month. Economists polled by Bloomberg expected a surplus of $700 million in October.

September’s trade surplus was revised downward to $1.03 billion from $1.25 billion, which stands as the only surplus since January.

“After three months of searing export gains in spite of a slowing U.S. and global economic backdrop, the day of reckoning for exports finally arrived,” said economist Emanuella Enenajor at CIBC World Markets. “With export volumes down by 3.2 per cent, the export machine that drove Q3 GDP in Canada has shifted into lower gear to start Q4, pointing to a slower pace of growth in the final quarter of 2011.”

Imports in October rose 1.9 per cent to a record $39.3 billion. Gains were led by purchases of machinery and equipment, but also included more incoming shipments of energy and automotive products.

After three straight monthly increases, exports fell three per cent to $38.4 billion. Automotive products were the only category that saw export gains, while the losses were led by industrial goods and materials, and energy products.

Canada unexpectedly ran a trade deficit in October, data showed on Friday, as imports reached a record high and exports declined.

Statistics Canada reported a trade deficit of $885 million, meaning that’s how much more was imported versus exported that month. Economists polled by Bloomberg expected a surplus of $700 million in October.

September’s trade surplus was revised downward to $1.03 billion from $1.25 billion, which stands as the only surplus since January.

“After three months of searing export gains in spite of a slowing U.S. and global economic backdrop, the day of reckoning for exports finally arrived,” said economist Emanuella Enenajor at CIBC World Markets. “With export volumes down by 3.2 per cent, the export machine that drove Q3 GDP in Canada has shifted into lower gear to start Q4, pointing to a slower pace of growth in the final quarter of 2011.”

Imports in October rose 1.9 per cent to a record $39.3 billion. Gains were led by purchases of machinery and equipment, but also included more incoming shipments of energy and automotive products.

After three straight monthly increases, exports fell three per cent to $38.4 billion. Automotive products were the only category that saw export gains, while the losses were led by industrial goods and materials, and energy products.

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