OTTAWA, Ont. — Canada’s imports and exports of merchandise in October crashed to their lowest levels since November of 1999.
Canadian companies exported $32.4 billion in merchandise, down a full percentage point from September. Merchandise imports also declined 0.6 per cent to $28.2 billion.
October marked the seventh straight monthly decline for exports and the fourth straight decrease in imports. However, the pace of the declines in October was far slower than in September, when exports fell 2.7 per cent and imports dropped 4.5 per cent in the wake of Sept. 11.
Canada’s monthly trade surplus in goods fell to just under $4.2 billion in October. So far this year, Canada has exported $54.8 billion more in merchandise than it has imported. However, near-record surpluses in the first quarter of 2001 provided much of the momentum for this growth.
Merchandise exports to the United States, Canada’s largest trading partner, fell 1.6 per cent in October to $27.5 billion. Imports from south of the border were down 0.6 per cent to $20.3 billion.
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