OTTAWA, Ont. — A high Canadian dollar combined with congestion at Canadian ports are likely the main reason for the fourth consecutive monthly decline in Canadian exports, according to Statistics Canada.
Canadian companies exported $35.6 billion in merchandise in October down 1.1% from September, the government statistical watchdog’s monthly report indicates.
In contrast, imports rose for the second month in a row in October. They edged up 0.9% to $31.3 billion, primarily the result of a 16.5% surge in imports of energy products.
Exports to the US, a key revenue generator for many Canadian carriers, were particularly affected. Canadian companies exported $28.8 billion in merchandise to the United States, down 1.6%, while imports from south of the border edged down 0.7% to $21.2 billion. A $240-million plunge in exports of Canadian forestry products to the United States accounted for the majority of October’s overall decline.
Exports to countries other than the United States increased 1.2% to $6.8 billion in October. Exports to the European Union rose 4.4%, while those to other OECD countries went up 3.8%. Imports from non-US destinations edged up 4.6% to a record high of $10.1 billion.
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