Statistics Canada says merchandise trade deficit was $1.1B in October

OTTAWA – Statistics Canada says the country’s merchandise trade deficit with the world was $1.1 billion in October.

The result came as figures for September were revised to show a deficit of $1.2 billion compared with an initial reading of a deficit of $978 million.

Economists on average had expected a deficit of $1.37 billion for October, according to financial markets data firm Refinitiv.

Exports rose 0.8 per cent in October due in part to a 5.5 per cent increase in exports of consumer goods that included artwork that was destined for an art fair in New York that began at the end of October.

Statistics Canada noted that items that do not sell may be brought back and included in the import statistics.

Meanwhile, imports rose 0.5 per cent as imports of energy products increased 8.9 per cent in the month, mainly due to higher imports of crude oil and crude bitumen.

This report by The Canadian Press was first published Dec. 5, 2019.