Canadian exports on the rise, Statscan says

OTTAWA — Canada’s trade surplus with the U.S. grew from $1.7 billion in October 2010 to $3 billion in November.

Plainly stated, we sold them more stuff than they sold us. Which could come as quite a surprise, considering our high loonie.

According to Statistics Canada’s latest survey, our imports fell by 3.2 percent in November, to $34.4 billion, mostly because of a 15.1 percent drop in energy imports. It was the fourth month in a row that imports were down.

Exports to the U.S., however, rose 0.6 percent over the previous months.

Much of the increase can be attributed to a rising price of industrial goods and materials as well as an increase in the volume of Canadian-manufactured goods being sold.

StatsCan says the lower import figures from the U.S. also reflect a drop in imports of automotive products.

Exports to countries also grew, by 1.1 percent, a fifth consecutive month of increases, while imports from other parts of the world remained virtually unchanged.

As a result, Canada’s trade deficit with countries other than the United States declined from $3.2 billion in October to $3.1 billion in November.

For a more thorough look at how our economy did vis-à-vis the rest of the world, click here.


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