OTTAWA — Canada’s merchandise exports rose 3.1 percent to $33.8 billion in October as exports of precious metals and copper ores reached record highs.

Excluding those industrial goods and materials, though, exports declined 0.2 percent, reports Stats Canada.

Export volumes also increased 3 percent.

Imports, which have been on an upward trend since March 2009, increased 1.2 percent to $35.5 billion, as volumes grew 1.7 percent. Energy products led the growth in overall imports, followed by automotive products and other consumer goods.

Exports to the United States increased a modest 0.4 percent while imports grew 1.7 percent. Consequently, Canada’s trade surplus with the U.S. declined from $1.4 billion in September to $1.1 billion — the smallest trade surplus with the United States since September 1992.

Exports to countries other than the United States rose significantly, by 10.1 percent to $10.1 billion — their highest level since November 2008.

Specifically, exports of industrial goods and materials rose 13.7 percent to $8.9 billion, their highest level since November 2008.
Volumes accounted for almost two-thirds of the gain. Metals and alloys increased 17.8 percent, as exports of precious metals reached a record high of $1.6 billion in October.

Metal ores rose by 48.9 percent, led by record exports of copper ores.

Other ores, namely precious metals in ores, and nickel ores also contributed to the growth in the sector.

Meanwhile, after four months of decline, exports of automotive products increased 3.5 percent to $4.9 billion, as a result of higher volumes.

In contrast, exports of machinery and equipment fell 2.5 percent as a result of a 24.2-percent dip of aircraft, engines and parts.
Energy products exports also decreased 2.6 percent.