US – Canada border highway direction sign
Canada’s merchandise trade deficit with the world narrowed to $924 million in October, down from $1.3 billion in September. Exports increased 1.1% in October, as imports increased 0.5%. This according to numbers released by Statistics Canada on December 5, 2024.1
Exports Up for the First Time Since June
Exports were up 1.1% in October to $64.2 billion, the first increase since June. In real (or volume terms), exports rose only 0.4% on the month. Higher prices account for the rest of the increase. Exports are still down year over year, with this October’s total falling 2.7% short of exports from October 2023. Worth noting is that exports in 8 of 11 product sections were actually down this month. Exports of metal and non-metallic mineral products rose 10.6% in October. When this category is excluded, total exports fell 0.2%. More on category breakdowns below.
Imports Rebound After September Dip
Imports rose 0.5% in October to $65.1 billion, regaining half of the 1% loss felt in September. Imports are up 2.5% over October of 2023. Exports of metal ores and non-metallic minerals were up 46.1%. Statistics Canada warn that October’s import data relied more heavily upon estimation than is normally the case. The implementation of the CARM digital initiative led to delays in receiving October import data from the CBSA.
Surplus with US, Deficit with Rest of World Both Shrink
Canada’s Trade surplus with the United States narrowed from $7.9 billion in September to $6.2 billion in October, a 21.5% decrease. Meanwhile, Canada’s trade deficit with the rest of the world also narrowed, totalling $7.1 billion in October, down from $9.2 billion a month prior.
Industry Trade Breakdown
Farm, fishing and intermediate food products
Exports $4.93 billion, down 1.2%
Imports $2.69 billion, up 0.6%
Basic and industrial chemical, plastic and rubber products
Exports $3.68 billion, up 2.5%
Imports $5 billion, down 2.3%
Forestry products and building and packaging materials
Exports $3.96 billion, down 0.4%
Imports $2.89 billion, up 0.6%
Industrial machinery, equipment and parts
Exports $4.06 billion, down 3.7%
Imports $7.16 billion, down 0.5%
Electronic and electrical equipment and parts
Exports $2.93 billion, down 0.3%
Imports $6.93 billion, down 0.7%
Consumer goods
Exports $7.83 billion, up 4.7%
Imports $13.07 billion, down 1.6%
Cited Sources
1 Government of Canada, Statistics Canada. “Canadian International Merchandise Trade, October 2024.” The Daily – , December 5, 2024. https://www150.statcan.gc.ca/n1/daily-quotidien/241205/dq241205a-eng.htm.