For 1st time since trade war, Canada exported more than it imported
Global News
The Canadian economy achieved a trade surplus for the first time since the trade war began, as exports rebounded and imports fell in September, according to Statistics Canada.
The Canadian economy achieved a trade surplus for the first time since the U.S. trade war began, as exports rebounded and imports fell in September, according to Statistics Canada.
The agency adds that export to countries other than the United States rose sharply by 11 per cent in the same month — and that while exports to the U.S. increased, imports from there dropped.
“Exports to the United States were up 4.6 per cent in September, partly due to higher exports of aircraft, light trucks and unwrought gold,” Statistics Canada noted.
“Meanwhile, imports from the United States declined 1.7 per cent in September, a third consecutive monthly decrease.”
Canada saw its total exports climb 6.3 per cent in September compared with August as imports fell 4.1 per cent. Compared with a year ago, September saw total exports climb 0.3 per cent, while total imports fell 1.9 per cent.
Statistics Canada says the economy saw a “slight” trade surplus of $153 million in September, following August’s $6.4-billion deficit, and a $3.8-billion deficit in July.
A trade surplus happens when the value of goods and services exported is greater than the value of those imported — similar to when a company makes a profit on what it produces.
When the opposite occurs, and an economy imports more than it exports, it’s considered a trade deficit.
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