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Both export and import volumes plunge in October

OTTAWA, Ont. Canadian companies exported $32.3 billion in merchandise in October, a 4.2% decline, which erased mo...


OTTAWA, Ont. Canadian companies exported $32.3 billion in merchandise in October, a 4.2% decline, which erased most of September’s recovery.

Exports were higher than in August, but otherwise at their lowest level since October 1999. Imports fell 1.7% to $27.2 billion.

Trade with the United States caused most of these movements because of their high trade concentration with Canada. Exports south of the border dropped 3.8% to $26.6 billion, partly as a result of the continued appreciation of the Canadian dollar against the US dollar. Imports from the United States fell 1.6% to $19.2 billion.

Canada’s exports to non-US destinations declined 6.0% to $5.7 billion. Imports from countries other than the United States fell 1.9% to just over $8 billion. The difference, Canada’s non-US trade deficit, widened to $2.3 billion in October.

Canadian companies sent 12.9% less to Japan than in September, down to $710 million, and registered a trade deficit for the month. Some of these declines were offset by increased exports to the European Union (+4.2%), Canada’s second largest trading region. Sales to other OECD countries were also on the positive side.

In addition to the decline in imports from the United States, imports from the European Union fell 9.5% to $2.5 billion.


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