Canada's trade surplus widens on oil exports, auto rebound
BNN Bloomberg
Canada’s trade surplus widened in October on a jump in exports of autos and energy.
Canada’s trade surplus widened in October on a jump in exports of autos and energy.
The country’s merchandise trade surplus rose to $2.09 billion (US$1.7 billion) from a revised $1.42 billion in September, Statistics Canada reported Tuesday in Ottawa. That’s the fifth straight month where Canada has exported more than it imported -- the longest streak since 2014. The October surplus was in line with economist estimates.
Canada’s widening surplus in October was due a rise in shipments to the U.S., reflecting higher prices for the nation’s oil as well as easing supply disruptions in the auto sector. Exports increased in eight of 11 categories tracked by Statistics Canada.
Total shipments abroad increased 6.4 per cent in October, while imports rose 5.3 per cent. The higher exports largely reflected price gains, with shipments up 2.8 per cent in volume terms. Import volumes were up 7 per cent.
