OTTAWA, Ont. — Canada’s trade surplus with the world decreased to $4.5 billion in September from $5.6 billion in August, as exports declined and imports rose, according to Statistics Canada. This marks the lowest trade surplus since January.

Canadian exports declined for the second consecutive month, dropping 1.0% to $42.5 billion. The movement was isolated to a drop in prices as volumes remained flat. The retreat was led by industrial goods and materials, automotive products, and energy products.

Canada‘s imports increased 1.9% in September to $38.0 billion, as both prices and volumes increased. September’s gain marked the fifth increase in six months following a 5.7% decline in August.

Exports to the US declined for the second consecutive month as imports remained relatively unchanged at $23.7 billion. Exports fell 1.3% to $32.1 billion, largely due to energy products and automotive products. As a result, the trade surplus with the US contracted to $8.3 billion in September from $8.7 billion in August.