October trade surplus rises
OTTAWA — Canada’s trade surplus in October expanded more than expected as exports jumped 4.2%, tracking an upward move in the value of manufacturing shipments.
The surge reflects a rebound in auto- and parts- production after eight-week strikes shut down General Motors Corp. last summer, according to Statistics Canada.
It pushed the surplus to $1.952 billion. September’s surplus was revised lower to $1.534 billion from the $1.621 billion orignially reported, the agency noted.
Exports reversed a month-earlier decline by jumping to $28.459 billion because of sales to the U.S. As much as 85% of Canada’s exports are U.S.-bound.
The announcement was foreshadowed by a stronger-than-expected October manufacturing shipments report released by StatsCan on Wednesday, the third straight monthly gain.
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